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Technology Policy Finance Research report

UN Global Compact calls for targets and support for offshore renewables

The UN Global Compact has published a roadmap for a productive and sustainable ocean economy. The Ocean Stewardship 2030 report describes ambitions and recommendations to policymakers and industries for a more sustainable energy and food production, transport, pollution and mapping of the ocean.

The report recognises the role offshore renewable energy as one of the key components in decarbonising the economy and tackling climate change. Tidal and wave energy are seen as great solutions especially for coastal and island communities, while large-scale deployments are also being developed.

The report calls for clear and targeted policies to support offshore renewable energy, such as including it to national decarbonisation and energy strategies. This will show long-term political commitment and create investment security. Governance frameworks also need to accommodate these developments, for example by ensuring rapid permitting procedures.

With supportive policies in place, the industry then needs a clear route to market. The report suggests stimulation schemes and incentives that reduce uncertainty for the industry. Financial channels and support mechanisms should be put up for a full range of market sizes, according to the report. They should include e.g. revenue support, Power Purchase Agreements, grants and R&D budgets. These will encourage the development of the sector from skills to infrastructure and a dedicated supply chain.

The ETIP Ocean Steering Committee member José Joaquín Hernández Brito was part of the Editorial Board of the report.

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