Report: technology innovation and economic growth opportunities from clean maritime propulsion systems

Regen’s new study in conjunction with University of Exeter’s Centre for Future Clean Mobility, outlines the technology innovation and economic growth opportunities that clean maritime propulsion systems can offer the UK and how the South West can capitalise on these opportunities to spearhead the growth of the sector.

You can read the paper here.

Key points:

  • Maritime transport is crucial to international trade and the global economy, yet has a major impact on climate breakdown. The UK maritime industry faces a massive challenge to achieve net zero by 2050.
  • However, the UK’s leadership position in offshore wind deployment, enhanced by its commitment to install 50GW by 2030, could be a springboard for a clean maritime industry.
  • In particular, the South West could provide the launchpad for market growth due to its Research, Development and Innovation and manufacturing capabilities, existing and potential supply chain, and the growing offshore wind opportunity in the Celtic Sea.
  • The Offshore Renewable Energy Catapult projected that up to 2,200 new offshore wind (OSW) service vessels would be needed by 2050 for the EU OSW target (300GW by 2050). When coupled with the requirement to deliver a fully decarbonised supply chain, this could see the offshore wind sector at the forefront of clean vessel and propulsion system development, offering a prime market worth £8 billion to the UK economy.