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Embracing wind and wave power could generate up to £70 billion for the UK economy, a report claims.

New analysis from the Carbon Trust outlines the economic benefits of new technologies, saying almost 250,000 jobs could be generated by offshore wind and wave power alone.

In the first of a series of economic reviews, the report says that the UK could seize 45% of the global offshore wind market but calls for up to £600 million in research and development, the removal of regulatory barriers and new incentives to speed up the deployment of offshore wind power around the British coasts.

The report also claims that, with a quarter of the world's wave technologies already being developed in the UK, Britain could generate revenues worth £2 billion per year by 2050 and up to 16,000 jobs.

Harnessing both offshore wind and wave power could provide at least 15% of the total carbon savings required to meet the UK's 2050 targets, analysts found.

Tom Delay, chief executive of the Carbon Trust, said: "These technologies are not green 'nice to haves' but are critical to the economic recovery of the UK. To reap the significant rewards from their successful development we must prioritise and comprehensively back the technologies that offer the best chance of securing long term carbon savings, jobs and revenue for Britain.

"We have known for a while that the UK has an important role to play in the clean tech revolution. But, rather than following in the footsteps of others, this new analysis shows it is an economic no-brainer to be leading from the front. The global race is clearly on and the clock is ticking."

David Kidney, Minister for Energy and Climate Change, said: "The government aims to secure Britain's green future, and seize the economic benefits of the move to a low carbon economy. We are determined to position our country as a hub of the advanced green manufacturing revolution.

"The £405 million investment in low carbon industries secured in the recent budget is a strong signal of our intention to realise that vision. The commercialisation review is an important contribution from the Carbon Trust and I welcome their valuable insights."