Wind and wave power could generate £70bn and 250,000 UK jobs

Published Date: 03 July 2009
By JOHN ROSS

THE UK could generate up to £70 billion for the economy and almost 250,000 jobs from offshore wind and wave power, a new report has suggested.
The Carbon Trust says offshore wind and wave power can provide at least 15 per cent of the total carbon savings required to meet 2050 targets.But it says a bold new approach is needed if Britain is to transform itself into a global hub of low carbon innovation.In the first of a series of economic reviews, the report says that the UK could seize 45 per cent of the global offshore wind market but calls for up to £600 million in research and development, the removal of regulatory barriers and new incentives to speed up offshore wind power development around the coast.The report also claims that, with a quarter of the world's wave technologies already being developed in the UK, Britain could generate revenues worth £2bn per year by 2050 and up to 16,000 jobs.Carbon Trust chief executive Tom 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."David Kidney, minister for energy and climate change, said: "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 £405m investment in low carbon industries secured in the recent Budget is a strong signal of our intention to realise that vision." John Sauven, executive director of Greenpeace, said every country needs a decarbonisation plan to solve three challenges: climate stability, energy security and economic prosperity."The UK has an enormous untapped supply of clean, green renewable energy and a world-class engineering industry well placed to develop it. Our economy can also save billions in energy costs by investing in an unprecedented energy efficiency drive."George Smith, managing director of Aberdeen-based Green Ocean Energy, which has developed two wave power devices, said the potential for the UK to capitalise on wind and wave power is huge."If the wave and wind power industry is to achieve its potential it is essential that it attracts the investment needed and the skilled workers to develop this growing sector."But James Cox, principal consultant at Pöyry Energy Consulting, said although wind and wave generation may create jobs and investments, there will be consequences for the electricity markets.A Pöyry study published this week found that a third of the UK's power generation could come from wind, but the electricity system and the markets will have to adapt to face the implications of intermittency