Ocean Panel calls for revenue support for ocean energy as a recovery measure
A new report from the High Level Panel for Sustainable Ocean Economy assesses the potential of ocean economy in contributing to the post COVID-19 recovery. The report ‘A Sustainable and Equitable Blue Recovery to the COVID-19 Crisis’ proposes five “blue stimulus” opportunities that can rebuild economic activities after the pandemic in ways that improve the sustainability of maritime sectors.
One of the priorities identified in the report is to “incentivise sustainable ocean-based renewable energy”. The report recommends four interventions that should be part of the stimulus spending:
- Streamlined permitting and clear and coordinated processes across government.
- National targets and frameworks for ocean energy.
- Suitable financial support mechanisms (e.g. subsidies and guarantees) and revenue support to stimulate industry and avoid loss leaders.
- Investment in land-based grid updates and associated infrastructure.
For a longer-term recovery, investments for large infrastructure projects will be needed now. Therefore, the report recommends investing in ocean energy R&D and pilot projects and incentivising the sector to accelerate its development.
By taking these actions, governments can unlock the potential that ocean energy has in supporting a sustainable post-pandemic recovery: short- and long-term job creation, greenhouse gas emission reductions and better air quality.