Scotland’s Marine Energy Valued at $82 Bln by 2050 ?

Scotland’s flourishing wave and tidal energy sector has invested more than £217m in the country to date, with £31.8m spent in the last 12 months alone, a new Scottish Renewables report shows.

Crucially, the study revealed almost two-thirds (62%) of the growing industry’s supply chain is Scottish.

Marine energy – in which Scotland is recognised as the world leader – has been forecast to be worth £50 billion by 2050.

Lindsay Leask, Senior Policy Manager for offshore renewables at Scottish Renewables, said: “Wave and tidal energy is still very much the renewables new kid on the block, but the opportunities it presents are enormous, particularly for Scotland.

“These investment figures, revealed for the first time by our Marine Milestones report, show the significant economic benefits this young sector is bringing. Crucially, those benefits are staying local, benefiting communities and families who are looking to renewables for a sustainable future, both economically and environmentally.

“Scotland already leads the world in the development of these audacious, innovative machines, and maintaining that position at the front of the global pack is something we believe is worthy of continued government support.”

Scottish Renewables’ Marine Milestones report, which details the level of investment by the sector, is launched today (Tuesday, September 23) at the organisation’s Marine Conference in Inverness.

Seventeen organisations working in marine energy were surveyed for the Marine Milestones report.

Key updates in the Marine Milestones report include:

– Aquamarine Power’s Oyster 800 device has now clocked up three full winters at sea, braving waves of more than 60ft: a world first;
– Pelamis’ two P2 machines have cumulatively delivered wave power to the grid for 10,000 hours – that’s 416 days, or 59 full weeks;
– The MeyGen project – the world’s first commercial scale tidal array – became the first large-scale tidal project of its type in the world to successfully reach a funding agreement, and achieved onshore and offshore planning consent in 2014.

Press Release, September 23, 2014