A peatland restoration project helping to tackle the climate and nature emergencies in Wales is having wider positive impacts on Wales’ economy, a report has revealed.
The report was commissioned to assess the socio-economic impact of Natural Resources Wales’s (NRW) EU LIFE funded LIFE Welsh Raised Bogs project since it started its work to restore seven important peatland sites across Wales since 2018.
From job creation to using local suppliers, the report shows that the project has boosted the Welsh economy by millions and contributed significant social benefits to local communities over its lifetime.
Economic indicators focused on the impact on the local economy and employment, whilst social indicators focused on local communities, volunteering and awareness, and understanding, of the habitat.
The report shows that, since 2018, the project has created 23 fulltime equivalent (FTE) job years within NRW, contributing £229,000 annually, on average, to Wales’s economy over the last four years. The project is due to continue this economic contribution until June 2024 following a successful extension application.
Non-staff expenditure has totalled £2.02 million This includes spending on contractors, infrastructure, and equipment to deliver the project objectives of habitat restoration, monitoring, and public engagement.
Of this total over £1.24 million (61%) was spent inside Wales, including £652,000 (32%) being spent in the local economy (within 10 miles of a project site). This expenditure has created a further 13.2 FTE job years in Wales as a result of employment by contractors and other suppliers to the project.
The project has now been extended until June 2024.Overall, the forecast economic benefits to Wales are expected to amount to a contribution of over £3.85 million to the Welsh economy, and the creation of 94 FTE job years.
To read the summary of the report please visit Natural Resources Wales / New LIFE for Welsh Raised Bogs: Evaluating the impact on people and the economy
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Posted On: 03/03/2023