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Governments must to work together to guarantee commercial marine energy projects are “bankable”, according to a new report.
The Marine Energy Programme Board report urges the UK government to offer practical and financial support to the wave and tidal energy industry, which could add £4 billion to UK GDP.
Companies surveyed by RenewableUK for the report said they had spent around £7 of privately sourced money for each £1 of public funding they received for marine energy projects.
However, the report emphasises that, to maintain the UK’s global lead and become fully commercialised industries, wave and tidal energy needs sustained and consistent practical and financial support from governments at all levels.
The report suggests a coordinated finance package from public and private sources should be used to fund pilot projects. It highlights a recent report by the Offshore Renewable Energy Catapult, stating that the tidal and wave industries need investment of £300 million to regain investor confidence in the sector.
RenewableUK’s wave and tidal development manager Dee Nunn said the measures put forward would “enable industry to capitalise on the excellent resource and test facilities already available in the UK to move the technologies to a commercial position”.
She said: “This report shows that with our excellent maritime heritage, British supply chain companies are well placed to build the UK’s wave and tidal projects as they grow, as well as capturing a significant proportion of the export market in Europe and beyond to countries such as Canada, South Korea and Japan.”
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