2.2GW of tidal stream and 423MW of wave energy could be deployed in Europe by 20301 and the industry forecasts it could install 100 GW in European waters by 2050, with the right policies in place. This represents 10% of Europe’s current electricity needs, or 94 million households/year.
100GW of Wave and tidal energy could create 400 000 jobs in Europe by 2050. The early development of ocean energy technologies has already led to the emergence of a truly pan-European supply chain. Leading companies in the sector can already be found across Europe, including in land-locked countries, such as Austria.
Ocean energy also provides a long-term growth perspective to maritime and peripheral regions that were often hardest hit by the economic crisis. Through new offshore projects requiring skilled jobs, it revitalizes ports and coastal regions.