Plans for the first large scale wave farm on the planet were given final approval in England today, paving the way for a highly ambitious new method of generating energy off the coast of Cornwall in Southwest England. With an initial cost of over $56 million, the project has the potential to create 1,800 jobs and save over $1.1 billion for the UK over the next 25 years. It'll do this by generating enough electricity for 7,500 homes, saving 300,000 tons of carbon dioxide over the same period. If the project is a success, look for wave-generated energy to become a more prevalent source of renewable energy elsewhere in the world in the coming years. [SWRDA via]