Seizing sustainable growth opportunities from tidal stream energy in the UK

Pia Andres, Ralf Martin, Esin Serin, Arjun Shah and Anna Valero

CEP Reports from Centre for Economic Performance, LSE

Abstract: This is the decade for managing the immense risks of climate change, and delivery on net zero. That means rapidly increasing the share of renewable sources in our energy mix alongside a step-change in energy and resource efficiency. Energy transitions will look different in different parts of the world and will be most sustainable if countries leverage the unique opportunities offered by their local geographies to cut emissions as quickly as possible. As an island nation, the UK has a uniquely rich marine energy resource. Using this resource is an opportunity the UK cannot afford to miss as it works to fulfil its own target of net zero as well as its international commitments under the Paris Agreement. This report adds to a growing evidence base concluding that tidal stream energy presents a clear sustainable growth opportunity for the UK due to the net zero, energy security and regional growth benefits it offers. Given its predictability, tidal stream energy offers important complementarities with other renewable sources of generation and in turn, the potential to improve the overall resilience of the energy system. The report also showcases the UK's innovative specialisms in tidal stream technologies, pointing out an opportunity for the UK to export its expertise in the future to many other countries around the world that have the potential to deploy tidal stream energy - if it acts quickly to establish a strong domestic sector.

Keywords: Green Growth; growth; policy; net zero; Technological change; employment; Economic geography; UK Economy (search for similar items in EconPapers)
Date: 2023-06-22
New Economics Papers: this item is included in nep-ene, nep-env and nep-geo
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