RenewableUK: more marine energy investment is essential

RenewableUK, the trade and professional body for the wind and marine energy industries, has urged the Government to invest more in wave and tidal power, in an attempt to realise the sectors’ “massive potential”.

The organisation lays out the requirement in a report titled Marine Energy in the UK, and states that by 2020, the marine industry will be worth £3.7 billion, and that the two Governments have so far invested less than a third of the required £120m needed to surpass commercialisation obstacles.

But investment in the industry has on the whole improved, “largely due to government support and several high profile demonstrations of commitment”, the report states.

The report also highlights the importance of the Green Investment Bank (GIB), a £3 billion Government scheme set up to push the UK’s green economy visions.

The Government recently announced that the GIB would be hosted by Edinburgh, and on an advisory level, London, despite Blue & Green Tomorrow’s best efforts to champion Nottingham – the bidding city that we thought deserved it the most.

David Krohn, RenewableUK’s wave and tidal development manager, said, “One step the Government could take is to allow the Green Investment Bank to support wave and tidal projects at an early stage.

“It’s frustrating that Ministers have not yet identified marine energy as a priority sector for the GIB.”

RenewableUK claims that increased investment in marine energy sectors would not only help the UK realise its hopes for a low-carbon economy, but that it would also create 10,000 jobs.

“Our existing marine energy supply chain and marine engineering capability is set to form the foundation of future jobs as capital investment drives demand for construction, installation and maintenance services”, it says.

But chief executive Maria McCaffery, warned the industry not to get left behind and undo all the positive work witnessed so far.

“An overly cautious approach could allow other countries to steal the UK’s lead, so it’s vital that the Scottish and UK Governments build on the good work they’ve already done by supporting the development of these industries, to ensure that we can retain our leading position globally”, she said.

“This will also give us an opportunity to secure a large part of the worldwide market by exporting our technology.”

B&GT’s forthcoming in-depth report, The Rise of Renewable Energy, adds weight to the calls for more investment in clean power.

We believe it should form the backbone of the UK’s energy demands. Cutting carbon emissions is the only way we’ll stand a chance of beating climate change.

Individuals like you can contribute to the goal by investing in the sectors most in need of funding. Ask your IFA how you can get involved, or fill in our online form and we’ll connect you to a specialist ethical adviser.

Photo: WipeoutDave via Flickr

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