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The OES International Vision for Ocean Energy


 
By 2050, the OES Roadmap targets have outlined that there is the potential for wave and tidal stream technologies (referred to collectively as ocean energy technologies) to contribute 300GW of renewable energy generation capacity to the global Net Zero transition.

This installed capacity of ocean energy also has the capability to:
 
  • Create 680,000 jobs,
  • Generate $340 billion in gross value added (GVA),
  • Prevent over 500 million tonnes of carbon emissions.
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POLICY RECOMENDATIONS

 

  1. Market pull support is the foundation of a comprehensive policy programme
    Led at a country-by-country level, the immediate application of a long-term and sustained market pull policy mechanism is key to strengthening and accelerating deployments in the ocean energy sector. The exact form of which a policy pull mechanism takes should be decided at a national level, however ensuring it is applied immediately, continuously and visibly is key to ensuring that all nations feel the shared obligation to follow a similar route. A market pull policy support mechanism, supporting a technology that has achieved an optimum cost reduction rate, should be considered a priority of any government wishing to establish a commercial ocean energy sector and is vital to stimulating ocean energy deployment across the globe.

     
  2. Accelerated innovation is key to enabling long-term cost reductions
    A well-funded and sustained technology push policy programme, actively pursuing international collaboration, is vital to ensuring that technological innovation occurs at a significant rate and helps to lower the overall investment required to provide a long-term market support mechanism. Any technology push policy should be focussed to target identified challenge areas that will increase overall device performance and reduce development, deployment maintenance and disposal costs. Technology push policy support mechanisms are well-suited for international collaboration, where active engagement in collaborative learning across multiple nations is essential to drive accelerated cost-reductions.

     
  3. Policy Action: An optimal balance of market pull and technology push funding must be struck
    While long-term support for market pull policy support mechanisms is key to achieving a commercial ocean energy sector, the overall cost of attaining this target can be massively reduced through the application of sustained innovation, achieved through coordinated support for technology push policy support mechanisms. Striking the correct balance between both market pull and technology push mechanisms is a complex task, but it is vital to minimising the overall associated costs.

     
  4. Immediate action on infrastructure development is vital
    While existing infrastructure is well-positioned to handle the short-term requirements of the sector, the rapid expected growth will require large-scale global infrastructure development projects to begin immediately. Opportunities to share space, resources and skills with the offshore wind sector should be actively investigated, given the significant overlap in technology. This large-scale global infrastructure development will need to begin immediately, to ensure that long lead times and unexpected delays, potentially resulting from a shortage of workers or raw materials, do not hinder the progress of the overall ocean energy sector.

     
  5. The regulatory and legislative framework should help, not hinder
    The ocean energy sector should be underpinned by a robust and efficient regulatory and legislative framework that provides the levels of support required to ensure that sector growth happens in line with forecasted timelines. The role of an effective regulatory and legislative framework in helping to overcome these challenges efficiently should not be understated. Where possible, individual nations should seek to form collaborative frameworks that acknowledge and incorporate instances of best practice, identified standards, clear consenting and make use of novel processes, such as adaptive management.


Download the OES International Vision brochure below.


The OES is organised under the auspices of the International Energy Agency (IEA) but is functionally and legally autonomous. Views, findings and publications of the OES do not necessarily represent the views or policies of the IEA Secretariat or its individual member countries.