Since 2003, various bodies across Government have provided innovation funding of £175 million to the wave and tidal sectors. Projects remain eligible to compete in contract for difference auctions. We have also set a target of 1 GW by 2030 for floating offshore wind to stimulate investment. We are currently assessing the contribution of tidal stream, wave power and tidal range generation, following the call for evidence last September.
As my right hon. Friend knows, and as I hope she will see if she visits Pembrokeshire, my constituency is emerging as an important hub for marine energy, but technologies such as tidal stream need the same revenue support that we gave to solar and wind to unlock private investment and reduce costs over time. To that end, will she assure us that the parameters of the CfD auction round later this year will be set to ensure that new tidal stream and other marine renewable projects can be developed?
I agree that there is significant potential for these new marine technologies. Recent market engagement carried out by the Crown Estate showed a high level of market appetite to develop more projects in the area, which is very encouraging. We will set out the details of the new technology as part of CfD round 4 in the autumn, so I hope that my right hon. Friend can wait that long. In the meantime, I look forward to being able to visit Pembrokeshire to meet him with businesses and those in the community who are keen to progress these projects.