Billions of pounds is expected be spent on the green economy, and the results of the recent election and the appointment of Julie James as Minister for Climate Change, and Lee Waters as Deputy Minister for Climate Change, shows the importance being placed on supporting Wales towards its Net Zero targets.

But what exactly does Green Economy mean? Is this just wind farms and solar panels, more recycling and people switching to electric cars? Business News Wales spoke to Michelle Davies, International Head of Clean Energy and Sustainability Eversheds Sutherland Co Head of ESG and Climate Risk , about Wales’ declaration of a climate emergency and pledging to be at least 95% carbon neutral by 2050 , with the ambition of becoming a zero waste nation and for the public sector in Wales to be net zero by the end of this decade.

Many businesses in Wales are still at the beginning of their Net Zero journey, and Michelle explains that while currently regulation is predominately aimed at financial institutions and premium listed companies that this will soon change, and those regulations will soon extend to encompass all companies.

The pace of change towards Net Zero is expected to pick up during the next year, as Wales is clearly keen to continue is significant development on this journey.

For Michelle, for this development to continue, businesses in Wales need to focus on 3 things; First,  they need to ensure that their impact on the environment is sustainable. They also need to avoid climate risk so that their businesses are safeguarded against the physical impacts of climate change. Finally, they need to decarbonize to a net zero position.

Please click below to hear more from Michelle on how it is critical for the Welsh economy that the energy transition upside, i.e. the value generated from the transition, exists and remains in Wales. Michelle explains about the vital role that the welsh government will need to play in helping businesses understand exactly what the energy transition is, and the benefits that can be provided to welsh businesses and discusses the importance of upskilling the welsh working population and how this upskilling must start early.

To listen to the extended version of this interview please click here.