London, England, United Kingdom (AHN) – Carbon Trust, a British government think tank, foresees a bright future for the country’s marine energy sector whose value is expected to reach $114 billion (GBP 76 billion) in the next four decades.
Carbon Trust released Monday an analysis of the sector, weeks after the coalition government ended public subsidy for the industry.
According to the trust, Britain is capable of capturing about one-fourth of the global wave and tidal power market if the country builds on its existing lead. This in turn could support up to 68,000 jobs by 2050.
Carbon Trust estimated the potential energy production at 27.5 gigawatts in the U.K. by 2050, which would be sufficient to power more than 20 percent of the current electricity demand of the country.
Energy Secretary Chris Huhne cut the $63-million (GBP 42 million) marine renewable deployment fund and it’s most ambitious marine project, the 10-mile long Severn Barrage,
But Huhne allowed smaller schemes to proceed, such as the Sound of Islay between Islay and Jura in western Scotland. About 35 of the world’s 120 to 130 wave energy and tidal stream devices developers are based in Britain.
Among them are Spanish group Gamesa, which is about to build a wind turbine factory in Humber, Harwich or Tyneside as part of the company’s $190.5 million (GBP 127 million) plan to focus on offshore wind business in the U.K.
Another one is IT giant Siemens, which has committed to construct an offshore wind turbine plant in Hill and create 10,000 jobs in the region. Manufacturers General Electric and Mitsubishi are scouting for factory sites in the U.K.
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