Tidal stream and wave energy have the potential to deliver up to 12.6GW throughout the UK and up to 300GW globally.

The estimates are made in The Future Economic Potential of Tidal Stream and Wave Energy in Scotland report, published by the University of Edinburgh (UoE), and presents a scenario where the technologies could deliver more than £8bn in economic benefits to the UK by 2050.

The report highlights existing advantages but emphasises that there is work to be done between now and 2050 if leadership is to be retained. It recommends further investment in the supply chain, ongoing market support for marine companies, continued investment in existing innovation support organisations and further development of essential infrastructure (such as the grid) as key areas of focus for policy makers.

Alistair Carmichael, MP for Orkney and Shetland and chair of the all-party parliamentary group for marine energy, added: “This report confirms what islanders have known for some time: that tidal stream and wave energy have the potential to provide quality jobs and growth across the UK, and in coastal communities in particular. It is clearer than ever that the UK has a golden opportunity to lead the way in this industry of the future – all that is needed is for the government to grasp that opportunity by fully backing the sector. Other countries are waking up to the potential of marine renewables so now is not the time to let go of our advantage here.”

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