In this report we focus on barriers for commercialising the marine energy market in Scotland along with the current and future funding of marine energy projects.
Abundant natural resources, innovative funding proposals, political consensus, and world-class engineers mean that there is enormous potential for Scotland to pioneer commercial marine energy and become a global leader in this emerging source of renewable energy.
Marine energy has a part to play in society’s energy challenge, especially given concerns about climate change and the security, sustainability and cost of oil and gas supplies. The UK has agreed to source 15% of its energy from renewable sources by 2020, with a commitment to target an 80% reduction in CO2 emissions by 2050 (compared to 1990 levels). Westminster is proposing that approximately a third of the UK’s electricity is generated from renewable sources by 2020. Holyrood has more ambitious targets of 31% by 2011 and 50% by 2020.
Scotland has always led the UK in renewable energy; its hydro-electric power stations have been producing ~10% of Scotland’s electricity for decades. New technologies will be required to meet the 2020 target of 50% of electricity to be sourced from renewable technologies, and marine energy has the potential to provide 10% of Scotland’s electricity by 2020.
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