Renewable ocean energy can provide 10% of Europe’s electricity by 2050 and help meet future increases in EU electricity demand
Thanks to an abundant resource, ocean energy can significantly contribute to the EU electricity mix in Europe. The seas along European coastlines boast some of the most powerful wave and tidal resource in the world, an untapped wealth of energy.
Over the past decade, Europe’s industrial base has eroded. To reverse this trend, the EU must support manufacturing excellence in new industries with low delocalisation risk.
45% of wave energy companies and 50% for tidal energy companies globally are from the EU. Thanks to the knowledge and intellectual property built up by these companies, Europe is well positioned to dominate an emerging ocean energy market.
Ocean Energy can create 400.000 jobs in the EU by 2050
Jobs created through investing in the ocean energy sector will be concentrated in Europe, close to the resource.
Ocean Energy helps secure Europe's energy supply and reduce its €400bn fossil fuel import bill
Ocean energy production offers a solution for Europe's overreliance on fossil fuel imports, by providing an indigenous, secure source of energy.
Ocean Energy is predictable and works well with other renewables
Ocean energy works well with other forms of renewable energy generation, such as wind and solar, by generating electricity at different time periods.
Ocean Energy brings new industrial activity to Europe's coastal areas
Ocean energy projects are built using the local maritime and construction supply chain.
Ocean Energy reduces emissions and health impacts of burning fossil fuels
Europe needs ocean energy to meet its decarbonisation commitments. Installing 100GW of ocean energy production in the EU will avoid the emission of 276m tonnes of CO2 annually. That's nearly 24% of the CO2 emissions from electricity production in Europe.
Ocean Energy provides energy independence for coastal areas
Providing islands and remote coastal areas with their own source of competitive energy replaces expensive diesel-powered generators.
Ocean Energy enjoys high public support
Ocean energy enjoys high social acceptance because it is renewable, unnoticeable and good for the environment.