A study into the potential economic value offered to Europe from the development and deployment of wave and tidal energy to 2050
The ETIP Ocean GVA Study, authored by the University of Edinburgh, presents results, analysis, and high-level policy recommendations concluding from the study quantifying the potential economic benefit, in terms of Gross Value Added (GVA), to the European economy of the development of wave and tidal energy technologies in Europe and their deployment globally to 2050. Furthermore, this study investigates the impact on the economic benefit of the overall domestic (European) supply chain strength for European and international deployments.
This GVA benefit has been calculated for three deployment scenarios based on and beyond the achievement of the Strategic Energy Technology Ocean Energy Implementation Plan (SET Plan) targets of €100/MWh for tidal and €150/MWh for wave by 2030.
The results from this study conclude that there is significant GVA benefit to be generated by supply chain activity servicing global (European and non-European) deployments of ocean energy to 2050. The total GVA benefit to the European economy these deployments has a potential range of €59bn to €140bn across the three scenarios presented here.
The analysis indicates that the strength of the domestic supply chain has a significant impact on the proportion of this economic benefit reaped by the European economy. That is to say, there is significant opportunity offered to Europe, provided policy is enacted to reduce costs to or beyond the SET Plan targets, prioritise local content for domestic deployments and exports alike, and attract deployment to European waters.
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