Published by the
University of Edinburgh (UoE) and commissioned by
Scottish Enterprise (SE) and
Wave Energy Scotland (WES),
The Future Economic Potential of Tidal Stream and Wave Energy in Scotland – reveals the size of the potential economic prize for Scotland ‘if the correct steps are taken to ensure it remains the world-leading destination for developing marine energy’.
Findings in the report include the potential for tidal stream and wave energy projects in the UK to deliver more than £8 billion in economic benefits to the Scottish economy by 2050, supporting more than 15,000 jobs, including high-value employment in coastal communities and the Highlands and Islands. The report also presents a scenario of an estimated Scottish market for up to 8.8GW of marine energy by 2050, with potential deployments of up to 12.6GW throughout the UK and up to 300GW globally — delivering up to 62,000 jobs in Scottish companies in 2050.
The report says these jobs would comprise 15,600 in the UK, plus a further 46,000 from worldwide exports, adding that the global export market for marine energy ‘over the same timeframe’ could be worth as much as £28 billion to Scotland’s economy.
Abundant natural resources“Scotland already has significant advantages in marine, including abundant natural resources, enterprise agencies such as SE and Highlands and Islands Enterprise (HIE) with expertise in supporting and growing the sector, and a decade of WES investment in wave energy and subcomponents with £50 million awarded across 132 contracts. It is also home to the European Marine Energy Centre (EMEC), the world’s first and leading facility for demonstrating and testing wave and tidal energy converters for the last 20 years.”
However, the report emphasises that there is work to be done between now and 2050 if Scotland is to retain its lead and reap the economic rewards, and recommends further investment in the supply chain, ongoing market support for marine companies, continued investment in existing innovation support organisations and further development of essential infrastructure as key areas of focus for policy makers, to ensure Scotland ‘remains the global location of choice for marine developers’.
Suzanne Sosna, Scottish Enterprise’s director of energy transition, said: “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. Scotland already has advantages such as abundant natural resources, innovative companies and decades of energy, maritime and subsea expertise. Marine energy has so far benefitted from strong public sector support and is now poised for commercialisation, so there has never been a better time to help companies scale up their offering.”