The oceans are the world\u2019s largest untapped source of renewable energy. By 2050, ocean energy can provide 10% of Europe\u2019s current electricity needs and 400,000 jobs, and European industry continues to benefit from its experience and expertise in the sector. Indeed, European companies account for 66% of tidal energy patents and 44% of wave energy patents globally, meaning that they are well-placed to capture a global market estimated to be worth \u20ac53bn annually in 2050.<\/p>\n
Ocean Energy Europe (OEE) is the largest network of ocean energy professionals in the world, representing the interests of over 120 organisations, including Europe\u2019s leading utilities, industrialists and research institutes.<\/p>\n
The Innovation Platform\u2019s Managing Editor, Michelle Gordon, spoke to OEE about how the sector is progressing in Europe, how OEE is supporting its continued development, and the importance of wave and tidal energy to both the future of the European economy and its ability to meet carbon neutrality targets.<\/p>\n
Activities in the Atlantic and North Sea coasts include:<\/p>\n
Activities in the Mediterranean include:<\/p>\n
Ocean Energy Europe\u2019s main objective is to build a vibrant ocean energy sector in Europe which maximises its potential both in terms of resource and in terms of economic and environmental benefits. Creating a supportive policy environment in which this can happen is a major part of our work, both at the EU and national levels.<\/p>\n
We advocate for the ocean energy sector at the European level and engage in dialogue with national and regional governments, focussing on relevant policy dossiers and funding mechanisms. For wave energy, we place a particular emphasis on RD&I funding via programmes such as Horizon Europe, but also on innovative financing tools for demonstration projects. We are also active in relevant EU projects, such as the new EuropeWave, which will support wave energy developers to advance their technology via a \u2018stage-gate\u2019 process. To date, the EU has allocated \u20ac650m for ocean energy activities since 2007.<\/p>\n
The inclusion of ocean energy in the forthcoming strategy is very positive indeed! It recognises the industrial potential of ocean energy and the need for a greater diversity of renewable energy sources in addition to wind energy and solar PV.<\/p>\n
Ocean Energy Europe is calling on the European Commission to include an ambitious deployment target of 100MW by 2025 for ocean energy in the strategy. This target should be flanked by four priority actions, designed to accelerate growth and reduce risk \u2013 as outlined in our recent position paper<\/a>. By doing this, the EU will provide the stimulus for 2.6GW of ocean energy in Europe by 2030. This will give a clear signal to both the sector and investors, leveraging more private investment and getting an increasing number of machines in the water, which would propel this new industry into the mainstream, where it can replicate the successes of its offshore wind predecessor.<\/p>\n
The story of the offshore wind sector shows us that strong, supportive policies directly increase deployments, which in turn brings down costs. The more wave energy capacity is installed, the more economies of scale and accelerated learning will bring down costs.<\/p>\n
Revenue support \u2013 typically in the form of feed-in-tariffs \u2013 is needed at the national level to give developers and investors greater certainty and to leverage private financing. This kind of \u2018blended\u2019 public-private financing is the best shot for developers to climb out of the \u2018valley of death\u2019. Revenue support would offer wave energy the same opportunities that mature renewable technologies have enjoyed for decades.<\/p>\n
Our recent 2030 Ocean Energy Vision shows that by the end of the decade, 2.6GW of ocean energy could be installed in Europe. By 2050, this could grow to 100GW. Up to 80GW of that could come from wave energy, equivalent to 8% of the EU\u2019s current electricity consumption.<\/p>\n
This is still just a fraction of wave energy\u2019s massive global potential. In fact, with an estimated potential capacity of 29,500TWh per year, wave energy alone could theoretically meet all of the world\u2019s energy demands.<\/p>\n
As already mentioned, strong policy frameworks are a crucial factor in the success of the sector, as they will bring down costs and leverage private investment. Co-operation between countries is also essential for the success of the sector. We can already see from the projects that are underway just how \u2018transnational\u2019 wave energy is, with many involving partners from two, three, or even more countries. Aligning permitting, monitoring, and standards across borders will make installing wave energy smoother and faster.<\/p>\n
Wave energy technology has its origins in Europe \u2013 the first wave energy device was created in France in 1799. Although innovation in ocean energy is picking up in the rest of the world, a quarter of all patents in ocean energy still originate from European countries.<\/p>\n
The experience gained by European companies as the frontrunners in wave and tidal energy mean they are already looking to export their technology globally, and indeed many projects in other parts of the world use European technology and expertise.<\/p>\n
Continued investment in research and development is important for wave energy. While a wide range of designs caters for different sites and varying wave strengths, there is still the need for some consolidation of the design and standardisation of components, particularly for utility-scale devices.<\/p>\n
In recent years, developers have been successful in proving the reliability and robustness of their machines, while exporting ever-increasing volumes of power to the grid. This needs to be supplemented by consistent power generation data in order to boost investor confidence.<\/p>\n
Access to affordable finance is critical for wave energy developers \u2013 as it is for all emerging technologies \u2013 in order to cross the \u2018valley of death\u2019. While public funding is still an important part of getting any wave energy project off the ground, it serves an even more important function in reducing project risk and leveraging private finance.<\/p>\n
OEE actively works with the EU institutions and national governments to make sure these instruments are fit-for-purpose and to cater to the needs of ocean energy technologies. The Innovation Fund, the BlueInvest Platform, and the European Investment Bank\u2019s InnovFin EDP are all examples of financing instruments that provide grants, loans, and equity to get projects over the line.<\/p>\n
All recent major models of the future energy system, from IRENA to Bloomberg NEF, show Europe running on between 80-100% renewable energy in 2050. Making this a reality means deploying second-generation technologies such as wave energy alongside mature renewables such as wind and solar. In a decarbonised energy system, diversity is strength.<\/p>\n
Why does wave energy have such a vital role to play in creating a stable, low-cost energy system? Apart from being emission-free, abundant, and infinite, wave energy\u2019s trump card in this scenario is its complementarity to wind and solar power. These variable renewables need careful balancing to make sure the lights stay on. The advantages of waves include the fact that they are more predictable and that they generate power long after the wind has dropped, helping to smooth out electricity production.<\/p>\n
Ocean energy technologies such as those concerning wave energy embody the dual goals of the EU\u2019s Green Deal. Delivering this flagship recovery strategy relies on the large-scale deployment of new, clean technologies and on building resilient industries that can withstand economic uncertainty.<\/p>\n
By 2050, ocean energy could bring 400,000 jobs to the European economy. Coastal regions and the maritime sector will undoubtedly benefit from this new economic activity, with countless opportunities for diversification and co-operation. Even countries without a coastline can get in on the act \u2013 the supply chain extends across Europe, bringing skilled jobs to people and companies with expertise in manufacturing and services.<\/p>\n
Even before the coronavirus crisis, it was clear that \u2018business-as-usual\u2019 was not going to be enough to deliver a sustainable energy future. Wave energy is a perfect example of a disruptive technology that not only has a vital role to play in the energy transition, but also in a recovery that is environmentally, socially, and economically just.<\/p>\n
Ocean Energy Europe (OEE)<\/strong>
\n+32(0)2400104<\/strong>
\na.parsons@oceanenergy.eu<\/a><\/strong>
\nTweet @OceanEnergyEU<\/strong>
\nwww.oceanenergy-europe.eu<\/a><\/strong><\/p>\n
Please note, this article will also appear in the fourth edition of our\u00a0<\/em><\/strong>new quarterly publication<\/strong><\/em><\/a>.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"