Three GW of ocean energy could be deployed worldwide, with costs falling to around €90/MWh for tidal stream and €110/MWh for wave energy with political support, according to a new publication by industry body Ocean Energy Europe.
The 2030 Ocean Energy Vision, launched today, charts a path for ocean energy’s roll-out over the coming decade.
Laying the groundwork for a new European renewable sector today will deliver jobs, exports, industrial regeneration throughout the 2030s, and unlock full decarbonisation by 2050, Ocean Energy Europe argues.
Over 90% of the world’s ocean energy could be installed in Europe over the next decade, reflecting the strong global position that Europe holds in ocean energy, it adds.
European Commission director-general for maritime affairs and fisheries Charlina Vitcheva said, speaking ahead of an event to the launch the report later today: “Ocean energy can be a real ‘jewel in the crown’ of the Blue Economy.
“The economic and environmental opportunities it offers EU coastal citizens are exactly what the European Green Deal is all about.
“The European Commission is busy preparing a new Strategy on Offshore Renewables as we speak, and I warmly welcome the ocean energy sector’s contribution to this work.
“This Strategy should be an important catalyst for the development of all offshore renewable energy, and for building a Europe powered by blue energy.”
The publication’s supply chain mapping points to the industrial and social opportunity that ocean energy represents whether from cutting steel, designing gearboxes or installing machines in the open sea. The body says wave and tidal projects will harness Europeans’ existing skills and help drive the economic recovery.
However it says that ambitious targets for ocean energy in the forthcoming European Strategy for Offshore Renewable Energy, are critical to achieving this.
Targets must be complemented by deeper cooperation between the EU and national governments, particularly on revenue support and permitting, it argues, to stimulate investment and drive costs down.
Ocean Energy Europe chief executive Rémi Gruet commented: “The 2030 Ocean Energy Vision is a clear signal of the industry’s confidence in the future.
“We know what Europe will need in 2030 and beyond, and we know that ocean energy delivers on those needs.
“The sector has already taken huge strides forward in technological development and cost reduction. Now we just need the right framework to roll out large-scale wave and tidal energy across Europe’s seas and oceans.”