UK economy could gain £6.7 billion per year and create 150,000 jobs by 2020 in marine renewable energy

March 18th, 2014 by RenewableUK

(please click image to go to report download page)

(please click image to go to report download page)

The report, ‘Generating Energy and Prosperty – Economic Impact Study of the offshore renewable energy industry in the UK’ by the UK’s Offshore Renewable Energy Catapult, shows that the UK economy could gain £6.7 billion per year and create 150,000 jobs by 2020 in offshore wind, wave and tidal energy.

Jennifer Webber, RenewableUK’s Director of External Affairs, said “this new report makes a cast-iron case for maximum political support and investment in the offshore wind and marine energy sector.”

“But the jobs and the UK-wide economic reboot won’t happen to the full unless UK Government policy is 100% supportive.”

“To make the most of our world-beating resources, the offshore renewables sector need certainty on policy, with the UK Government standing four-square behind us to achieve growth at a brisk pace.”

“We can’t risk confidence melting away, or other European countries will leap in and grab as many of the manufacturing opportunities as they can.”

“In particular, we’re hoping the Chancellor George Osborne will make his support clear in his Budget Speech.”

“The renewable energy industry is calling on him not to freeze the Carbon Price Floor, as that would send the wrong signal about the UK Government’s commitment to encouraging low-carbon generation. ”

“Incentives to wean energy users off fossil fuels and make clean power more attractive should be promoted rather than scaled back,” she said.

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