The UK could generate up to 70 billion pound and almost 250,000 jobs in offshore wind and wave power alone. Offshore wind and wave alone can provide at least 15 per cent of the total carbon savings required to meet our 2050 targets, says a study by Carbon Trust.
The potential to create 250,000 jobs is from directly related employment in the offshore wind and wave sectors such as R&D, engineering, manufacturing and maintenance and includes associated service jobs that will support offshore wind sector such as legal and financial services.
The country could seize 45 per cent of the global offshore wind market by 2020, delivering 65 billion pound of net economic value and some 220,000 total jobs by 2050.
To achieve this, the country needs a comprehensive package of technology-focused support including investment of up to 600 million pound in R&D, removal of regulatory barriers and new incentive mechanisms to accelerate deployment of offshore wind power around the coasts.
Two thirds of this economic value will come from the fast growing low carbon technology export market, which can be unlocked by ensuring that investment into the UK is made attractive.
With 25 per cent of the world’s wave technologies already being developed in the UK, Britain could be the ‘natural owner’ of the global wave power market, generating revenues worth 2 billion pound per year by 2050 and up to 16,000 direct jobs. To generate maximum economic benefit, the UK must focus on addressing funding gaps in the wave sector.
Tom Delay, chief executive of the Carbon Trust said: “These technologies are not green ‘nice to haves’ but are critical to the economic recovery of the UK. To reap the significant rewards from their successful development we must prioritise and comprehensively back the technologies that offer the best chance of securing long term carbon savings, jobs and revenue for Britain. We have known for a while that the UK has an important role to play in the clean tech revolution. But, rather than following in the footsteps of others, this new analysis shows it is an economic no brainer to be leading from the front. The global race is clearly on and the clock is ticking."
As part of the ‘Clean Tech Revolution’ campaign, the Carbon Trust will be launching 15 new R&D and technology acceleration projects in 2009, in addition to over 40 projects that are already in place.
The campaign is also being backed by leading innovators, businesses, investors, scientists and NGOs.
Professor John Beddington CMG FRS, chief scientific adviser to HM Government and
Head of the Government Office for Science, said: “The UK's greenhouse gas targets mean that by 2050 we must reduce our emissions to just one tenth of today's levels, per unit of output. This is a formidable challenge, requiring step changes in the rate at which we improve our energy efficiency and in low carbon innovation. The Carbon Trust's proposals recognise the need for us to be smarter in focusing our investments, including to help businesses seize the economic opportunities of the transition.”
The Carbon Trust has supported the development of over 230 new UK low carbon technology projects and companies and has invested 100m pound in low carbon technology projects and companies since 2001, leveraging over £200m in private investment.
The potential to create 250,000 jobs is from directly related employment in the offshore wind and wave sectors such as R&D, engineering, manufacturing and maintenance and includes associated service jobs that will support offshore wind sector such as legal and financial services.
The country could seize 45 per cent of the global offshore wind market by 2020, delivering 65 billion pound of net economic value and some 220,000 total jobs by 2050.
To achieve this, the country needs a comprehensive package of technology-focused support including investment of up to 600 million pound in R&D, removal of regulatory barriers and new incentive mechanisms to accelerate deployment of offshore wind power around the coasts.
Two thirds of this economic value will come from the fast growing low carbon technology export market, which can be unlocked by ensuring that investment into the UK is made attractive.
With 25 per cent of the world’s wave technologies already being developed in the UK, Britain could be the ‘natural owner’ of the global wave power market, generating revenues worth 2 billion pound per year by 2050 and up to 16,000 direct jobs. To generate maximum economic benefit, the UK must focus on addressing funding gaps in the wave sector.
Tom Delay, chief executive of the Carbon Trust said: “These technologies are not green ‘nice to haves’ but are critical to the economic recovery of the UK. To reap the significant rewards from their successful development we must prioritise and comprehensively back the technologies that offer the best chance of securing long term carbon savings, jobs and revenue for Britain. We have known for a while that the UK has an important role to play in the clean tech revolution. But, rather than following in the footsteps of others, this new analysis shows it is an economic no brainer to be leading from the front. The global race is clearly on and the clock is ticking."
As part of the ‘Clean Tech Revolution’ campaign, the Carbon Trust will be launching 15 new R&D and technology acceleration projects in 2009, in addition to over 40 projects that are already in place.
The campaign is also being backed by leading innovators, businesses, investors, scientists and NGOs.
Professor John Beddington CMG FRS, chief scientific adviser to HM Government and
Head of the Government Office for Science, said: “The UK's greenhouse gas targets mean that by 2050 we must reduce our emissions to just one tenth of today's levels, per unit of output. This is a formidable challenge, requiring step changes in the rate at which we improve our energy efficiency and in low carbon innovation. The Carbon Trust's proposals recognise the need for us to be smarter in focusing our investments, including to help businesses seize the economic opportunities of the transition.”
The Carbon Trust has supported the development of over 230 new UK low carbon technology projects and companies and has invested 100m pound in low carbon technology projects and companies since 2001, leveraging over £200m in private investment.
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