Offshore wind and wave power could contribute up to £70 billion to the UK economy by 2050 and create 250,000 new jobs – but only if the Government ramps up clean technology funding, according to the Carbon Trust.
As part of their Clean Tech Revolution campaign, the Trust carried out a study which found that the UK could seize up to 45% of the global offshore wind market by 2050, generating £65 billion of net economic value and creating 220,000 new jobs.
It also argues that a quarter of the world’s wave technologies are already developed in the UK and that the nation could become the “natural owner” of the global wave power market, generating revenues of up to £2 billion a year by 2050.
However, to realise this potential, the Government would need to provide £600 million of new R&D funding, remove a number of regulatory barriers, and introduce a number of new renewable energy incentive mechanisms.
Tom Delay, chief executive of the Carbon Trust, argued it was an “economic no brainer” that the UK should lead the green technological revolution.
He 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.”
The call for greater investment in clean technology companies has been backed by environmental organisations and business representatives, such as Greenpeace, CBI and the Institution of Mechanical Engineers.
As part of their Clean Tech Revolution campaign, the Carbon Trust are set to launch 15 new green R&D initiatives in the coming months, in addition to the 40 projects they currently fund.
Source: Carbon Trust : http://www.carbontrust.co.uk
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