Abstract
2022: an upbeat year for ocean energy, but greatest progress made by EU competitors. The global ocean energy sector has continued to advance towards industrialisation in 2022. Recent achievements show that the sector is making tremendous progress on the technological and industrial level, with exciting new funding announcements and flagship projects proving their reliability. Worldwide, funding levels are increasing as many governments make bigger commitments to ocean energy.
An unprecedented strain has been put on energy supplies in 2022. Consequently, governments are increasingly looking to innovative energy sources, such as ocean energy, as a means of strengthening security of supply and strategic autonomy. However, new policy developments have been patchy, and competitors like the US, Canada and China are seriously shaking up Europe’s leadership. Policy support has blossomed in the rest of the world, contrasting with the EU, which is struggling to coordinate the necessary funding frameworks to bring ocean energy to the next level.
The EU Strategy on Offshore Renewable Energy (EU Offshore Strategy), launched over two years ago, set deployment targets for ocean energy of 100 MW by 2025 and 1 GW by 2030. The first steps to reach these targets have recently been taken. Horizon Europe funding for ocean energy projects has been boosted. Member States have reached ‘non-binding agreements’ for their respective sea basins, which may someday include ocean energy. While encouraging, these first steps will not be sufficient to deliver the necessary market visibility or funding commitments. As a result, little progress has been made towards the Offshore Strategy's ocean energy targets.