A new study shows tidal energy industry could bring USD 1.391 bln (CAD 1.7 bln) to Nova Scotia, Canada, over the next 25 years.
The study ‘Value Proposition for Tidal Energy Development in Nova Scotia, Atlantic Canada and Canada’ commissioned by the Offshore Energy Research Association of Nova Scotia (OERA) describes the potential opportunity that could result in developing a tidal energy industry in Canada.
The value proposition examines the economic potential that could be realized over a 25 year period to 2040 and how that financial valuation changes under different factors and drivers.
According to the study, the value proposition for investing in tidal energy is considered the strongest in Nova Scotia given the resource potential in the Bay of Fundy, relatively low access costs to the grid, and legislated emissions reductions targets already in place.
Over the next 25 years, aside from bringing in USD 1.391 bln to Nova Scotia’s GDP, the tidal energy industry could create up to 22.000 full time jobs and generate as much as USD 667 mln (CAD 815 mln) in labour income, the study states.
Michel Samson, Nova Scotia Energy Minister, said: “The tidal sector has great potential to create even more economic development and ocean-related expertise here in Nova Scotia. Our tidal resources, particularly in the Bay of Fundy, will make a significant contribution to the province, as a growing economic generator with export potential and as a new power source.”
The study concludes that for Canada to realize the full potential of the economic opportunity tidal industry presents there is a need for continued collaborative action involving government, industry and communities that includes: strategic policy setting, on-going incentive and credit programs, and continued investments in research, development, innovation and demonstration (RDI&D) to bring costs down.
This report was supported by the OERA, the Province of Nova Scotia, and the Atlantic Canada Opportunities Agency (ACOA).