Industry welcomes report on almost $10B potential of Scotland’s wave and tidal energy

Industry players have welcomed a new report that highlights the potential of Scotland’s wave and tidal energy sector to generate up to £8 billion (almost $10 billion) for the economy by 2050, supporting more than 15,000 direct jobs and driving investment in coastal communities.

Commissioned by Highlands and Islands Enterprise (HIE) subsidiary Wave Energy Scotland (WES) and Scottish Enterprise, the report, “The Future Economic Potential of Tidal Stream and Wave Energy in Scotland” was conducted by the University of Edinburgh’s Policy and Innovation Group.

The study outlines a scenario where Scotland could develop up to 8.8 GW of marine energy by 2050, with a UK-wide deployment reaching 12.6 GW and a potential global market of up to 300 GW. The report estimates that Scotland could secure up to 62,000 jobs in the sector, including 15,600 roles in the UK and an additional 46,000 linked to exports.

“We’ve known for some time that the economic potential of marine energy for our economy is huge, and it’s great to have this quantified in a meaningful way by this University of Edinburgh report,” said HIE Chief Executive, Stuart Black.

“Scotland, and particularly the Highlands and Islands region, has been at the forefront of renewable energy development over the past 20 years or more. We will continue to work hard and with our partners in the public sector and industry to make sure we stay ahead of the game and secure these economic gains for our region and our country.”

The study emphasizes Scotland’s strengths in marine energy, including its abundant natural resources, established industry expertise, and ongoing public sector support.

“Scotland is already leading the way in wave and tidal energy. This report, which also showcases Mocean Energy, underpins the work that is ongoing and what should be addressed to maximise the positive impact to the economy, communities and the environment,” said Cameron McNatt, Managing Director of Mocean Energy

“We look forward to continuing playing our part in this transition, working with clients and all stakeholders to delivering cleaner, reliable, continuous power.”

Scottish Renewables also weighed in on the report’s findings, with Policy Manager – Offshore and New Technologies, Maggie Olson-Jow, emphasizing the significance of the sector’s untapped potential:

“The energy contained in Scotland’s seas is a vast and relatively untapped resource. The University of Edinburgh’s report highlighting the potential economic opportunity of wave and tidal energy should come as a shot in the arm to the marine energy sector and show investors the scale of the prize that is ready to be grasped.”

“Scottish Renewables will continue to work with both the Scottish and UK governments to build support and secure funding for these technologies, which deserve to take their place in the UK’s clean energy toolbox,” Olson-Jow added.

In January, the UK Parliament debated the future of the marine energy sector, with MPs urging the government to ramp up funding and policy support. The discussion underscored the need for targeted initiatives to cement the UK’s leadership in marine energy technology.