The UK has the potential to capture just under a quarter of the global marine energy market, according to analysis released today by the Carbon Trust.
Becoming a global leader in the marine energy market would be worth the equivalent of up to £76 billion to the UK economy by 2050, and generate over 68,000 UK jobs, the Trust said.
New jobs would develop on the back of growing export markets in countries such as Chile, Korea and America, as well as European states facing the Atlantic Ocean, which benefit from powerful waves or currents.
The Trust said that the UK’s total marine energy capacity could be 27.5GW by 2050—enough to supply the equivalent of over a fifth of its current electricity demand to the National Grid.
Commenting on the report, Benj Sykes, director of innovations at the Carbon Trust, said: “Marine energy could be a major ‘made in Britain’ success. By cementing our early mover advantage, the UK could develop a significant export market, generate thousands of jobs and meet our own demand for clean, home-grown electricity.
“To maintain our world-leading position, we must continue to drive innovation within the industry and turn our competitive advantage in constructing and operating marine technology into sustained green growth.”
The report went on to say that the industry must now innovate in order to commercially deploy new technologies; reduce costs so that marine energy can compete with other low carbon technologies; and work towards earning wider support for the industry as a whole.
Almost half of Europe’s wave resources and over a quarter of its tidal energy resources can be found off the British coastline, the Trust said.
The UK is currently home to around 35 wave energy and tidal stream device developers.
Based in London, the Carbon Trust is a not-for-profit company aiming to help accelerate the UK’s move to a low carbon economy. It provides support to business and public sector organisations wishing to cut their carbon emissions, save energy and commercialise low carbon technologies.
