The British government views marine energy developments as a cornerstone of a low-carbon economy despite industry setbacks, a minister said Wednesday.

"Tidal power has the potential to contribute significantly to Britain's energy security and provide clean energy and predictable clean energy, as part of a diverse mix," British Energy Secretary Ed Davey said at an investment conference in London.

In September, the British government launched its so-called Paris 2015 document ahead of next year's international climate summit in France, describing how acting now on cutting greenhouse gas emissions can help deter future climate disasters.

The government said the document shows how it's giving "a decisive political signal" that the future of energy is low-carbon.

Government data show renewable energy's share in electricity generation increased 7 percent year-on-year to 19.4 percent.

The use of fossil fuels in general has declined, with coal's share falling 3.7 percent to 37.1 percent. The use of natural gas declined 3.2 percent to 23.4 percent, the lowest share in at least 16 years.

Davey said tidal energy accounts for "only a tiny" fraction of global power, but is expected to expand more than tenfold by 2040, which much of the new generation coming from within the European Union.

This week, wave energy company Pelamis said it's been unable to find the funding necessary to continue with its pioneering technology. Pelamis has been developing a snake-like buoy system that would generate energy from waves.

Davey said there are expected setbacks with any new pioneering technology, but those setbacks should serve as reminders of the support needed to develop a young industry like marine energy.

"And they make even more important the challenge we face -- what can we do to make sure that the future of the tidal industry in the U.K. is a secure as can be?" he asked.