However, “Marine Energy in the UK” highlights the fact that the two governments have so far provided less than a third of the £120 million needed for the industry to overcome the barriers to full-scale commercial development. The study notes that this support is vital, as every pound of public sector investment will unlock £6 of private investment.
“One step the Government could take is to allow the Green Investment Bank (GIB) 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,” comments David Krohn, RenewableUK’s Wave and Tidal Development Manager.
“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. This will also give us an opportunity to secure a large part of the worldwide market by exporting our technology,” says Maria McCaffery, Chief Executive of RenewableUK.
Time to get behind wave and tidal
WWF have responded to Renewables UK’s report, with Dr Richard Dixon, Director of WWF Scotland saying: “This report is a reminder that we must continue investing in green, clean technologies of the future. Scotland is the world leader in developing wave power and this technology has the potential to be of global significance in our efforts to tackle climate change, as well as offering the prospect of thousands of green jobs.
“At present the Scottish Parliament is investigating the achievability of the renewable energy targets in Scotland. In order to meet these, the right marine renewables in the right places will have a critical role to play in helping us reduce climate emissions as we phase out polluting fossil fuels and nuclear power.
“With careful planning we can harness our wave and tidal energy to help cut our climate emissions, while safeguarding the nation's tremendous marine environment."
Thankfully, after the release of the RenewableUK report, the Scottish Energy Minister, Fergus Ewing, unveiled a new, £103 million investment fund which he says will drive the growth of renewable energy in Scotland for generations. The Renewable Energy Investment Fund (REIF) will initially focus on supporting communities and rural businesses to develop their own local renewable projects, on supporting district heating, and on supporting wave and tidal developers with the development and deployment of array projects.
It is thought that the REIF will complement funding from the GIB, which has also received a funding boost from the Fossil Fuel Levy in Scotland. While the GIB is designed for projects at a “near commercial” stage, the REIF will be used to support projects at an earlier stage of development.
If the amount of funding called for by RenewableUK is provided, the marine energy could provide 20% of UK electricity consumption. While the UK currently has 7,665 MW of wave and tidal energy installed (more than double that of the previous year – 3.4 MW), the UK Government’s Renewable Energy Roadmap sets a target of 300 MW by 2020.
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