05 Mar 2010 09:03:05
UK sea resources need £200m investment, says group
Wave and tidal resources need much more funding if they are to become a major part of the government's renewable energy strategy, according to an industry lobby group.
The government outlined its first Strategic Environmental Assessment for wave and tidal energy resources at the Renewable UK Wave and Tidal Conference 2010, held yesterday (March 4th).
David Kidney, minister at the Department for Energy and Climate Change, said that the strategy, along with the government's forthcoming Marine Action Plan, would lay the grounds for attracting investors into this sector of renewable energy.
Following the minister's speech, RenewableUK, formerly known as the British Wind Energy Association, called for approximately £200 million to be invested to kick-start the industry.
The lobby group called for the new Budget, to be announced later this month, to include proposals to create a state-backed finance institution dedicated to funding the renewable energy sector.
In addition, money should be allocated to solving sector conflict with the aviation industry and devising strategies to attract investment into the offshore wind industry supply chain.http://tinyurl.com/yzwfpbn