“The next five years will be crucial for the sector’s progress towards industrialisation,” said Dr. Pablo Ruiz-Minguela, Head of Wave Energy at Tecnalia and the report’s lead author. “Delivering on the SRIA actions will accelerate the development from research to large-scale deployments, reinforcing Europe’s energy security and competitiveness with home-grown and sustainable ocean energy.”
The ocean covers more than 70% of the planet and embodies the energy of the sun, wind, tides, currents and more. The theoretical potential of wave energy alone is more than 30,000 TWh per year. But because of inconsistent funding, lack of the kind of subsidies that brought solar and wind to the grid, and the difficulty of designing and testing a technology for the various ocean environments, ocean energy has not yet become commercially viable.
The report said orienting public funding is crucial and helps leverage private investment. A project pipeline of 167 MW in Europe is publicly supported via EU programs or national schemes and ocean energy is seeing considerable interest from investors, following an influx of public funds. If those trends continue, the report said, ocean energy could rapidly reach industrial stage.
The report notes that Europe is already home to the world’s first and largest tidal pilot farms and the most advanced wave energy devices. By implementing the SRIA’s recommendations, Europe can maintain its competitive edge and fully capitalize on the opportunities presented by this emerging zero-emission industry.
Rosalinde van der Vlies, Director at the European Commission’s Directorate-General for Research and Innovation, said, “The Strategic Research and Innovation Agenda for Ocean Energy presents what needs to happen to ensure that the EU remains the global leader in the sector. Addressing these R&I priorities will drive the development of ocean energy technology, accelerate the progress towards industrial roll-out and help deliver on the targets of the EU Offshore Renewable Energy Strategy and the Renewable Energy Directive.”
