UK can lead the world in offshore wind and wave power, according to new analysis

2 July 2009

The UK can profit from leading the world in the cleantech revolution, according to new analysis from the Carbon Trust, quantifying for the first time the economic benefits of investing in a range of clean technologies. By taking a bold new approach to commercialisation, the UK could generate up to £70bn for the economy and almost 250,000 jobs in offshore wind and wave power alone. Offshore wind and wave can alone provide at least 15 per cent of the total carbon savings required to meet 2050 targets.

Carbon Trust chief executive, Tom Delay, said a new strategy is required if Britain is to transform itself into a global hub of low carbon innovation. He called for Britain to make smart investments through greater technology prioritisation and to move away from technology neutrality. This new approach, outlined in a new report, means public support will be focused on emerging low carbon technologies and industries that will have the maximum impact on cutting carbon and generating UK economic benefit.

In the first of a series of economic reviews, the Carbon Trust demonstrates that by applying this new approach the UK could seize 45 per cent of the global offshore wind market by 2020, delivering £65bn of net economic value and some 220,000 total jobs by 2050.

To do this, the UK will need a comprehensive package of technology focused support including investment of up to £600m in R&D, removal of regulatory barriers and new incentive mechanisms to accelerate deployment of offshore wind power around our coasts. Two thirds of this economic value will come from the fast growing low carbon technology export market, which can be unlocked by ensuring that investment into the UK is made attractive, according to the analysis.

Analysis also shows that, with 25 per cent of the world’s wave technologies already being developed in the UK, Britain could be the ‘natural owner’ of the global wave power market, generating revenues worth £2 billion per year by 2050 and up to 16,000 direct jobs. To generate maximum economic benefit, the UK must focus on addressing funding gaps in the wave sector.

Delay said, ‘These technologies are not green ‘nice to haves’ but are critical to the economic recovery of the UK. To reap the significant rewards from their successful development we must prioritise and comprehensively back the technologies that offer the best chance of securing long term carbon savings, jobs and revenue for Britain. We have known for a while that the UK has an important role to play in the clean tech revolution. But, rather than following in the footsteps of others, this new analysis shows it is an economic no brainer to be leading from the front. The global race is clearly on and the clock is ticking.’

Minister for Energy and Climate Change, David Kidney added, ‘The Government aims to secure Britain’s green future, and seize the economic benefits of the move to a low carbon economy. We are determined to position our country as a hub of the advanced green manufacturing revolution. The £405 million towards investment in low carbon industries secured in the recent budget is a strong signal of our intention to realise that vision. The commercialisation review is an important contribution from the Carbon Trust and I welcome their valuable insights.’

As part of the ‘Clean Tech Revolution’ campaign, the Carbon Trust will be launching 15 new R&D and technology acceleration projects in 2009, in addition to over 40 projects that are already in place.
The campaign is also being backed by innovators, businesses, investors, scientists and NGOs, the Carbon Trust said.

Professor John Beddington CMG FRS, chief scientific adviser to HM Government and Head of the Government Office for Science, said, ‘The UK’s greenhouse gas targets mean that by 2050 we must reduce our emissions to just one tenth of today’s levels, per unit of output. This is a formidable challenge, requiring step changes in the rate at which we improve our energy efficiency and in low carbon innovation. The Carbon Trust’s proposals recognise the need for us to be smarter in focusing our investments, including to help businesses seize the economic opportunities of the transition.’

Sir David King, Director, Smith School of Enterprise and the Environment, Oxford University, added, ‘If the UK is really going to live up to its leadership position on climate change we now need to look to the future and focus on developing the technologies, markets and businesses that will deliver the greatest carbon and economic benefits. I welcome Carbon Trust’s campaign as it comes at a pivotal point in our history. We have a rare chance to rebuild our economy in a way that will reduce carbon emissions at the same time as being sustainable and prosperous. We must not pass up the opportunity.’

Copyright © 2009 NewNet

Tags: tidal energy, wave energy, wind

This story was published on Thursday, July 2nd, 2009 at 4:33 pm and is filed under Europe, Features, policy, water, wind. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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