The Future Economic Potential of Tidal Stream and Wave Energy in Scotland report reveals the size of the potential economic prize for Scotland if the correct steps are taken to ensure it remains the world-leading destination for developing marine energy.

The report – published by the University of Edinburgh (UoE) and commissioned by Scottish Enterprise (SE) and Wave Energy Scotland (WES) – states that there is potential for tidal stream and wave energy projects in the UK to deliver more than £8bn in economic benefits to the Scottish economy by 2050 i, supporting more than 15,000 jobs, including high-value employment in coastal communities and the Highlands and Islands.

It presents a scenario where there is an estimated Scottish market for up to 8.8GW of marine energy by 2050, with potential deployments of up to 12.6GW throughout the UK and up to 300GW globally. The report states this could deliver up to 62,000 jobs in Scottish companies in 2050, comprised of 15,600 jobs in the UK, plus a further 46,000 jobs from worldwide exports. The global export market for marine energy over the same timeframe could be worth as much as £28bn to Scotland’s economy.

Key actions

The report outlines a series of recommendations to ensure Scotland remains a world leader in marine energy. These include more investment in supply chains, greater support for marine companies and further development of key infrastructure.

It pinpoints areas where Scotland currently leads the way internationally, such as the development and testing of devices, installation, and operations and maintenance.

The report also highlights that supporting the marine energy sector will help advance Scotland’s net zero goals and strengthen UK energy security.

“Golden opportunity”

Suzanne Sosna, Director of Energy Transition at Scottish Enterprise, said: “These findings really drive home the need to take action now if we want to reap the potentially sizable economic benefits of remaining a world leader in marine energy. Scotland already has advantages such as abundant natural resources, innovative companies and decades of energy, maritime and subsea expertise.”

Alistair Carmichael, MP for Orkney and Shetland and Chair of the all-party parliamentary group for marine energy, added: “It is clearer than ever that the UK has a golden opportunity to lead the way in this industry of the future – all that is needed is for the government to grasp that opportunity by fully backing the sector. Other countries are waking up to the potential of marine renewables so now is not the time to let go of our advantage here.”

The full report is available online.