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IoM Discusses Clean Tech Prospects

by Jason Gorringe, Tax-News.com, London

30 April 2012


As part of its efforts to develop the Isle of Man into a hub for clean technology innovation, the Isle of Man government recently hosted round table discussions to consider the significant opportunities for offshore renewable energy and associated projects within the island's 4,000 sq km territorial waters in the Irish Sea.

The round table event was attended by 50 delegates, consisting of representatives from corporate service providers, government departments and organisations with an interest in green technology, including Manx environmental groups.

The meeting discussed the private sector projects necessary to carry out the 'All Islands Approach', an initiative agreed between the Isle of Man government and the British-Irish Council, which aims to commercialize the major wind and marine resources in and around the British Isles to meet future energy needs, environmental objectives and for export into Europe.

The Isle of Man government said the latest discussions were to raise the island's profile as an ideal location from which to launch clean-tech projects to harvest offshore renewable energy, including operation and maintenance bases enabling the export of renewable energy to the United Kingdom.

Laurence Skelly, Political Member for the Department of Economic Development with responsibility for Energy Policy and Clean Tech, explained that the round table discussion "has provided the perfect platform for stakeholders to network and engage in topical discussions on new technology and environment solutions. In the current economic climate, we all share the same aim in doing everything we can to save and reduce costs and it is important that we take advantage of the opportunities for our island to benefit from the use of renewable energy."

Dr Ken Milne, Senior Manager for Energy Policy, added: "This event has been very useful and the Department of Economic Development is pleased to have been able to give an update on the latest developments on offshore renewable energy opportunities in the Isle of Man. We will continue in our aim to attract inward investment in the Clean Tech sector, which hopefully will help to create new jobs through providing low carbon goods and services."

A study commissioned by the Isle of Man government in 2011, found that the fledgling clean tech sector presents significant growth prospects. The cumulative turnover of the 100 or so companies present in 2011 amounted to GBP4.6m (USD7.5m) in 2011. This is expected to more than double by 2014, to GBP10.6m, supported by a number of government incentives including the provision of government credit for innovative research and development projects, as well as the territory's benign tax environment and expertise from corporate service providers.

TAGS: Isle of Man | environment | tax | marine | energy | international financial centres (IFC) | United Kingdom | offshore | research and development

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