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Fresh tide of investment needed for renewable energies

Category: Scotland Finance News — Paul Morgan on April 8, 2012

A further £82million is needed by the renewable energy sector in order to maximise the potential of UK tidal and wave power, according to the industry body responsible for its advancement.

The call comes from RenewableUK, who say that with such a level of investment as many as 10,000 new jobs could be created throughout Scotland and the rest of the UK by as early as 2020. They say it would also underpin domestic growth on the international stage.

Despite total funding from the public sector already topping £38million, RenewableUK say the new investment should also come from the Scottish and UK governments. This should largely be delivered through a relaxation in the restrictions which prevent the Green Investment Bank from prioritising marine energy.

A report conducted by the group ahead of their conference in Edinburgh suggested that for every £1 of public investment, up to £6 of private investment and commercial finance in Scotland and other parts of the UK would be delivered to the industry.

Scotland already has a lead in the field, being responsible for 25% and 10% of all tidal and wave power produced in the EU respectively. However, it is feared that any further procrastination by Holyrood and Westminster could see this lead being stolen by other member states and territories outside of Europe.

A bold approach, on the other hand, could well see a global lead being taken.

With the industry expected to only grow in worth over coming years, both expertise and technological advancements could prove incredibly profitable for the Scottish and UK economies.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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