UK marine energy worth billions

Marine energy could be worth £76 billion to the UK economy by 2050 according to analysis by the Carbon Trust.

The government-backed organisation has released a report predicting that the country could capture nearly 25% of the global market for wave and tidal technology.

The Carbon Trust forecasts that total marine energy capacity in the UK could reach 27.5GW by the middle of the century, which would mean it is capable of supplying the equivalent of more than 20% of the country’s electricity demand. It would also generate at least 68,000 jobs, mostly from growing exports for marine technology.

Dedicated financial support for the marine sector recently ceased when the £42 million Marine Renewables Deployment Fund closed.

However, the Scottish government operates a £13 million Wave and Tidal Energy Support Scheme in Scotland and the Welsh Assembly government has signalled its commitment to developing marine energy in Welsh waters.