The European Commission is putting its weight behind ocean energy. The EU Offshore Renewable Energy Strategy targets 100 MW of wave and tidal by 2025 and at least 1 GW by 2030, and commits to coordinate funding to deliver on these targets. The Commission’s prioritisation of ocean energy is not just about decarbonisation and energy system balancing. It is also about economic opportunities for European industry and employment for European citizens. But these economic and social benefits will vary significantly, depending on how Europe chooses to develop its ocean energy sector in the coming years.
This publication summarises the key results from 2 ETIP Ocean reports:
- ‘A study into the potential economic value offered to Europe from the development and deployment of wave and tidal energy to 2050’ led by Charlotte Cochrane and Henry Jeffrey at University of Edinburgh.
- ‘A study into the potential social value offered to Europe from the development and deployment of wave and tidal energy to 2050’ led by Jose Luis Villate and Pablo Ruiz-Minguela at Tecnalia – available on the ETIP Ocean website soon.