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Consenting Environment Finance Policy Technology Progress report

OceanSET Annual Report 2022

The OceanSET Annual Report 2022 updates the SET Plan implementation working group for ocean energy (OE-IWG) on progress in the sector in the calendar year 2022.

Member countries continue to support the ocean energy sector through the development of national and regional policies for offshore renewable energy, revenue support mechanisms, national and regional test and demonstration facilities, and funding programmes. However, the ocean energy sector must compete frequently with the mature energy sectors such as offshore wind. Specific policy targets, dedicated revenue support mechanisms and focussed funding programmes would accelerate the roll-out of ocean energy technology.

The report puts forward the following recommendations for the OE-IWG:

  • Continue to argue for explicit national/regional strategies, policies and targets that support the deployment of ocean energy.
  • Tailor national and regional funding programmes to address the Implementation Plan’s Technical theme actions.
  • Evolve existing revenue support schemes to allow ocean energy deployment projects to secure support.
  • Identify mechanisms to progress the implementation of a Common Investment Support Fund.
  • Identify mechanisms to progress the implementation of an Insurance and Warranty Fund.
  • Monitor the update to the Strategic Research and Innovation Agenda (SRIA) for ocean energy and consider revising the Implementation Plan accordingly.

This is an extract, full report available as PDF download

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