Scotland eyes almost $10B marine energy boost by 2050

Scotland’s tidal stream and wave energy sector could generate over £8 billion (almost $10 billion) in economic benefits and create more than 15,000 jobs by 2050 if the country retains its leadership position in the field, University of Edinburgh’s (UoE) new report reveals.

Published by the UoE and commissioned by Scottish Enterprise (SE) and Wave Energy Scotland (WES), the “Future Economic Potential of Tidal Stream and Wave Energy in Scotland,” the report outlines a scenario in which Scotland captures up to 8.8 GW of marine energy capacity, contributing to a total of 12.6 GW across the UK. 

According to SE, on a global scale, marine energy deployments could reach 300 GW, with Scotland standing to benefit from a potential £28 billion export market.

The study, authored by The Policy and Innovation Group at the UoE’s Institute for Energy Systems, emphasizes Scotland’s strengths in marine energy, including its abundant natural resources, established industry expertise, and ongoing public sector support. It underscores the role of facilities like the European Marine Energy Centre (EMEC) and investments such as WES’s £50 million in wave energy research and development (R&D).

However, the report warns that maintaining this advantage requires continued investment in supply chains, innovation support, and grid infrastructure. It calls for further policy measures to sustain Scotland’s position as a leading hub for marine energy development.

“These findings really drive home the need to take action now if we want to reap the potentially sizeable economic benefits of remaining a world leader in marine energy,” said Suzanne Sosna, Director of Energy Transition at Scottish Enterprise. 

“Marine energy has so far benefitted from strong public sector support and is now poised for commercialisation, so there’s never been a better time to help companies scale up their offering.”

Tim Hurst, Managing Director of Wave Energy Scotland, emphasized that the report highlights the economic and social advantages of Scotland’s ongoing investment in marine energy, reinforcing its position as a global leader while leveraging natural resources for national gain.

Acting Energy Secretary Gillian Martin said: “Scotland is already home to the world’s largest and most powerful operational tidal stream projects and has been a frontrunner in wave energy development for the last two decades – and this, coupled with our abundant natural resources, expertise and forward-looking policy approach – means our country is ideally placed to harness the enormous global market for marine energy.”

SE noted that Scotland is already home to the world’s largest operational tidal stream projects and has been at the forefront of wave energy development for two decades. The Scottish Government views marine energy as a key driver in the transition to a net-zero economy.

“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,” said Alistair Carmichael, MP for Orkney and Shetland, and Chair of the All-Party Parliamentary Group for Marine Energy.

“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.”

In January, a parliamentary debate brought the future of the UK’s marine energy sector into focus, as Members of Parliament (MPs) called for enhanced government support to harness the country’s tidal and wave energy potential. The discussion underscored the need for funding and initiatives to solidify the UK’s position as a global leader in marine energy technology.