In a report published today, the Supergen ORE Hub summarises the contribution of offshore renewable energy (ORE) to the UK's 2050 net zero target.
Key takeaways from this report are that:
- tidal stream capacity is rapidly accelerating along a similar trajectory to offshore wind, with the UK currently a global leader in developing tidal stream technology
- the UK's tidal stream resource is around 11 GW, with the potential for deployment of 6.2 GW by 20250
- a pipeline of tidal stream projects is ready to be built, 21 of which, totalling 122 MW, have been awarded market support funding under the CfD scheme
With respect to wave energy, the report notes that:
- deployment of wave energy is low but could follow a similar growth path to offshore wind - again, the UK is a leader in developing wave energy technologies
- the UK's wave is around 25 GW, with the potential for 6.4 GW to be deployed by 2050
- there are potential cost savings to be had by locating wave energy with offshore wind
Importantly, as a global leader in the development of tidal stream and wave energy, these technologies have the potential to add £8.8bn Gross Value Added (GVA) to the UK economy by 2050. A further £32bn GVA could be gained from exports.
The report emphasises that rapid ORE growth is essential for the UK to achieve net zero by 2050, and that research and innovation - which have already played a key role in reducing the cost of wind and solar power - will be required to accelerate progress.
In particular, the report argues that research and innovation can improve safety and efficiency of ORE technologies, through the use of AI, sensing, ROVs and robotic systems for data collection, inspection and monitoring. Innovation in robotics, remote and autonomous systems and AI tools for analysis could also reduce the time and cost of environmental impact assessments, and accelerate the planning and consenting process.
For those interested in finding out more about the UK's potential for ORE, further detail on known current and pipeline wave and tidal projects can be viewed on the European Marine Energy Centre (EMEC) website.
Can intellectual property help accelerate the race to net zero? Visit our Energy Transition hub to find out.
The UK currently leads the world in wave and tidal technology development, projected to add £40bn GVA to the UK economy and reduce energy balancing costs by £1bn/year.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
