Marine industry needs public subsidy

Public subsidies to the marine energy industry could offer the UK huge returns, according to the chief executive of Aquamarine Power. “To date, we’re raised approximately £50m to help take […]

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By Tom Gibson

Public subsidies to the marine energy industry could offer the UK huge returns, according to the chief executive of Aquamarine Power.

“To date, we’re raised approximately £50m to help take this technology forward and we want continued public support to help commercialise this technology because the return to the UK can be enormous,” said Martin McAdam.

Speaking to ELN at the RenewableUK Wave and Tidal conference, he said public subsidy could only benefit the UK.

“It’s not just about Aquamarine Power it’s about all the nascent companies that are developing marine energy technologies. We have a goal that this technology should be exported world-wide.”

He added that economically it made sense, as the UK is already a leader in this renewable sector. He also said that by learning from other European countries the UK would realise job creation would would benefit local people.

“If we look at Denmark, 10% of their GDP comes from the export of wind turbines and green technologies. We should have a similar goal for the UK.”