Even if generous funding is part of the appeal, surely harnessing marine energy is good for us all?
The companies, organisations and individuals that have been voted ‘Most Likely to Succeed’ in the new world economy are those that strategically position themselves in the sustainable industries.
The marine industry is no exception, with plans for harnessing the power of the tides a key factor in the future success of a vast range of related businesses - from marine technology companies to ship builders – all of whom need to be aware of the long-term sustainability of their offer.
The UK’s Carbon Trust has been offering its support to a new energy initiative for the marine industry that aims to accelerate progress in this emerging technological possibility so that marine energy is a viable option sooner rather than later.
The fact that this support come with an estimated £22 million worth of Government funding is purely coincidence! However, whatever first attracted the marine industry to ‘the generously funded Marine Energy Challenge’ pails into insignificance when we consider that, collectively, the world still uses 86 per cent fossil fuels for it’s energy consumption and there is only around 40 years of these fossil fuels left – less if you buy into the peak oil theory.
This initiative hopes to promote the UK as a world leader in marine energy, by harnessing the power of the tidal stream. With marine energy potentially able to supply up to 20 per cent of the UK energy requirements, it’s no wonder that the race for affordable, effective technology is on. The Carbon Trust Marine Energy Challenge is working with a range of R&D experts, representing marine energy as a front-runner of renewable sources, a smart move for the industry as a whole.