The Government has urged companies to bid for £22M of funding to speed-up the development of marine-based renewable energy.
Energy and climate change minister Lord Hunt said: “The scope for wave and tidal energy around the UK’s shores is massive and we’re working closely with developers in the UK to bring on the necessary technologies.”
Government green agency the Carbon Trust has estimated that the marine energy market - which the UK has a 25% world market share - could be worth £2bn a year in revenue for the UK by 2050 and create up to 16,000 jobs.
Tom Delay, chief executive of the trust, which will deliver the new funds, said: “Wave and tidal power is a fantastic resource that could provide up to 20% of our electricity and cut carbon dioxide by tens of millions of tonnes.
“There are many exciting technologies in development. For these to reach viability we need to focus on cost reduction and make mass deployment a reality. The support provided by the Government is a much needed boost to the UK’s clean tech revolution and we are delighted to be playing a key role in its delivery.”