£22million offered to wave and tidal developers

Project bids for the Marine Renewables Proving Fund, originally announced in July, will be assessed and managed by the Carbon Trust which is already providing support for Pelamis Wave Power and Marine Current Turbines and has assessed or worked with over 60 different marine energy devices, committing more than £12mn to date. Tom Delay, chief executive of the Carbon Trust, commented: "Wave and tidal power is a fantastic resource for the UK that could provide up to 20% of our current electricity demand and cut carbon dioxide by tens of millions of tonnes. There are many exciting technologies in development. However, for these to reach commercial viability we need to focus on cost reduction and make mass deployment a reality. The targeted support provided by the Marine Renewables Proving Fund is a much needed boost to the UK's clean tech revolution and we are delighted to be playing a key role in its delivery." Carbon Trust analysis has shown that, with 25% of the world's wave technologies already being developed in the UK, Britain could be the 'natural owner' of the global wave power market, generating revenues worth £2billion per year by 2050 and up to 16,000 direct jobs.