2030 Ocean Energy Vision

2030 Ocean Energy Vision
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3 GW of ocean energy could be deployed worldwide, with costs falling to around €90/MWh for tidal stream and €110/MWh for wave energy, according to a new publication by industry body Ocean Energy Europe. The 2030 Ocean Energy Vision, supported by ETIP Ocean, charts an exciting path for ocean energy’s roll-out over the coming decade.

Over 90% of the world’s ocean energy could be installed in Europe over the next decade, reflecting the strong global position that Europe holds in ocean energy. The publication’s supply chain mapping clearly illustrates the industrial and social opportunity that ocean energy represents. Whether it’s cutting steel, designing gearboxes or installing machines in the open sea, wave and tidal farms will harness Europeans’ existing skills and help drive the economic recovery.

Laying the groundwork for a new European renewable sector today will deliver jobs, exports, industrial regeneration throughout the 2030s, and unlock full decarbonisation by 2050.

Ambitious targets for ocean energy in the forthcoming European Strategy for Offshore Renewable Energy, are critical to achieving this. Targets must be complemented by deeper cooperation between the EU and national governments, particularly on revenue support and permitting. Taken together, these policy actions will stimulate investment, get large-scale projects in the water and drive costs down further.