04 May 2018
Development of the UK’s tidal stream and wave power industries stand to provide a significant boost to the jobs market and national economy in the coming decades, according to a report from the nation’s leading technology innovation and research centre for offshore renewable energy.
The study by Offshore Renewable Energy (ORE) Catapult estimated the tidal stream industry could support 4,000 jobs by 2030 and generate £1.4 billion for the UK economy. Ten years later, the report said, wave energy could be contributing £4 billion to the UK economy and support 8,100 jobs.
According to ORE Catapult, the study proved that the country’s marine energy industries could meet the government’s three-point test to reduce carbon emissions, cut costs and put the UK on the path to becoming a global leader in the technology.
But on the last point, the report said that, without government support to enable companies to develop and showcase their expertise, there was a “very real danger” the UK could lose its global lead to other countries as international competition in the field grows. Dr Stephen Wyatt, ORE Catapult’s research and innovation director, said, “The findings of our research are encouraging, with the potential for significant economic benefits to be realised from the UK marine energy resources.