This report is intended to show the potential benefit of Wave Energy as a UK industry and a contributor to sustainable development goals and achieving the UK net zero GHG emissions target for 2050. To assess the viability of new forms of renewable energy, the UK Government’s clean growth strategy has set out three tests:
• Can we see a clear cost reduction pathway for this technology, so we can deliver low cost solutions?
• Can the UK develop world-leading technology in a sizeable global market?
• Does this deliver maximum carbon emission reduction?
In this report, we show that with targeted action, Wave Energy can meet these tests and provide a significant source of energy and growth for the UK economy. The role of Wave Energy in our future energy system is framed within the UK Government’s overall strategy to cut emissions, increase efficiency, and help lower the amount consumers and businesses spend on energy whilst supporting economic growth. Wave Energy delivers five key aims:
Delivering net zero
Wave Energy will be required to meet net zero emissions; exploitable wave resource in the UK has the potential to deliver in-grid electricity of around 40-50 TWh/year, which would contribute approximately 15% of the UK’s current electricity demand and valuable grid balancing energy system benefits.
Achieving value for money
Wave Energy is one of the few domestically led technology sectors in the net zero mix that advances our low carbon economy with significant UK content.
Wave Energy resource maps directly to fragile communities, generating significant impact on community identity, reflecting their local environmental and economic context.
Maintaining energy security
Wave Energy delivers security of supply chain infrastructure with an abundant local energy resource that is well matched to demand.
Advancing the low carbon economy
Wave Energy delivers economic benefit, creating high value jobs and supporting growth in coastal communities.