Industrial Roadmap for Ocean Energy

Image: Sabella

By taking the lead in the global ocean energy market, Europe will benefit from economic activity worth €140bn by 2050, according to a new ETIP Ocean report ‘A European Ocean Energy Industry – the €140bn Economic Opportunity’. Projects both in Europe and around the world will rely on European expertise and equipment, creating 500,000 European jobs.

Based on extensive modelling work done by the sectoral advisory body ETIP Ocean, the report determines the economic and social benefits of ocean energy deployments according to two scenarios: Europe leading the global ocean energy market, or Europe following growth elsewhere.

The economic and employment benefits more than double when Europe seizes the leadership opportunity. In the ‘Europe leads the global market’ scenario, a third of all deployments take place in European waters – totalling 100 GW by 2050. The first-mover advantage will ensure that leading technology developers and supply chain actors remain European and deliver 25% of the value of non-European projects.

The report also looks into the supply chain activity created by ocean energy in Europe. The data shows that 76% of total contract value remains within the countries where the deployments are taking place. This local activity is very beneficial for ocean energy territories – heavy manufacturing accounts for almost half the economic value of the contracts analysed in the report.

To unlock these benefits, the report proposes a concrete action plan structured in five categories of actions: supportive political & strategic framework, technology development, financial mechanisms, knowledge sharing and sustainable consenting practices. In particular, the European Commission, Member States and regions must put in place a supportive framework to establish a clear market for wave and tidal. Financial mechanisms that unlock demonstration projects will dramatically reduce costs and bridge the gap to commercialisation.