Green industry hopes for Isle of Man

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Isle of Man economists are hoping to attract more green energy companies to the island, as global investment reaches a record high.

A recent UN report showed current investment in renewable energy sources to be around £132bn.

There are currently about 100 "clean tech" companies based on the island and work is continuing to attract more.

Ken Milne, from the department of economic development, said businesses could benefit from local marine skills.

He said: "With the decline of the island's fishing industry there could be some welcome employment opportunities for people with experience at sea.

"If some of these companies are involved in marine renewables, the Isle of Man will be well placed to provide experienced crew."

The Global Trends in Renewable Energy Investment 2011 report, which was prepared for the UN by Bloomberg New Energy Finance, claims the boom is set to continue and the Manx government believes it is well-placed to become a green industry centre.

Mr Milne said: "I think the industry is a natural fit for the island.

"Among other things we can offer prospective companies an established manufacturing industry, which sets us apart from the Channel islands."

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