Nearly 3GW of ocean energy could be deployed worldwide by 2030.
That’s according to a new report by the industry body Ocean Energy Europe, which estimates 92% of this could be installed in European waters in the next decade.
The industry analysis, which considers the evolution of European tidal and wave technology to 2030 and examines how energy costs will reduce as more ocean energy is deployed, predicts that these developments could drive down the costs to €90 (£82)/MWh for tidal stream and €110 (£100)/MWh for wave energy.
The report also suggests a policy framework is needed to deliver this potential and calls on governments to develop a European strategy for offshore renewable energy with ambitious deployment targets.
The body also recommends the creation of an ‘Ocean Energy Alliance’ which will include European and national authorities and will provide accessible financial support and supportive permitting frameworks for demonstration projects.
Ocean Energy Europe’s CEO Rémi Gruet commented: “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.”
Director-General for Maritime Affairs and Fisheries at the European Commission Charlina Vitcheva, said: “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.”