Tidal energy investment in Scotland grows to more than £217m

Scottish Renewables said the wave and tidal energy sector could become a key player in Scotland's economy

The growing wave and tidal energy sector has invested more than £217m in Scotland to date, according to new research.

A report from Scottish Renewables showed that almost £32m was invested in the sector during the last twelve months alone.

It also highlighted that almost two thirds of the industry's supply chain is Scottish.

It has been estimated marine energy may be worth £50bn to the economy by 2050.

The figures were published in the firm's Marine Milestones report which was released at a conference in Inverness.

Lindsay Leask, senior policy manager at Scottish Renewables, praised the rise in investment and said that, despite wave and tidal energy being "the new kid on the block" in terms of renewable energy, it could become a key player in Scotland's future economy.

She added: "These investment figures, revealed for the first time by our Marine Milestones report, show the significant economic benefits this young sector is bringing.

"Crucially, those benefits are staying local, benefiting communities and families who are looking to renewables for a sustainable future, both economically and environmentally."

Government support

Ms Leask also highlighted the importance of continued government support to help develop the sector and ensure that Scotland remained a key player.

She added: "Scotland already leads the world in the development of these audacious, innovative machines and maintaining that position at the front of the global pack is something we believe is worthy of continued government support."

The call for continued government support for the industry was echoed by WWF Scotland director Lang Banks.

He said: "It may be a relatively young industry but news that wave and tidal energy is already worth hundreds of millions to Scotland's economy bodes really well for the future.

"It has been estimated that by 2050 the global wave and tidal energy market will be worth £50bn.

He concluded: "With the right support from governments at Westminster and Holyrood, Scotland is well-placed to lead the world on marine renewables and capture a significant share of this business."