Wave return

A new economic analysis shows the UK could generate up to £70bn for the economy and almost 250,000 jobs by investing in offshore wind and wave power alone.

The analysis from the Carbon Trust also revealed that exploiting these two renewable sources could provide at least 15 per cent of the total carbon savings required to meet the UK’s 2050 targets.

Tom Delay, chief executive of the Carbon Trust, said Britain can transform itself into a global hub of low-carbon innovation by making investments with greater technology prioritisation.

The Carbon Trust believes it will require technology-focused investment of up to £600m in research and development. The group also believes government will need to remove regulatory barriers and provide new incentive mechanisms to accelerate deployment of offshore wind power around the UK coasts.

With this, the Carbon Trust believes the UK could seize 45 per cent of the global offshore wind market by 2020, delivering £65bn of net economic value and 220,000 total jobs by 2050.