Europe must seize the €140bn economic opportunity of a global ocean energy market

By taking the lead in the global ocean energy market, Europe will benefit from economic activity worth €140bn by 2050, according to a new report ‘A European Ocean Energy Industry – the €140bn Economic Opportunity’, launched. Projects both in Europe and around the world will rely on European expertise and equipment, creating 1.2 million European jobs.

Based on extensive modelling work done by the sectoral advisory body ETIP Ocean, the report determines the economic and social benefits of ocean energy deployments according to two scenarios: Europe leading the global ocean energy market, or Europe following growth elsewhere.

The economic and employment benefits more than double when Europe seizes the leadership opportunity. In the ‘Europe leads the global market’ scenario, a third of all deployments take place in European waters – totalling 100 GW by 2050. The first-mover advantage will ensure that leading technology developers and supply chain actors remain European and deliver 25% of the value of non-European projects.

To unlock these benefits, the report calls for a successful implementation of the EU Offshore Renewable Energy Strategy. The European Commission, Member States and regions must put in place a supportive framework to establish a clear market for wave and tidal. Technological advances must continue by delivering the sector’s Strategic Research & Innovation Agenda via programmes such as Horizon Europe, the report concludes.

Henry Jeffrey from the University of Edinburgh, the co-author of the report, said:

“This report makes very clear that ocean energy with both its economic and social benefits, has the potential to not only play a significant role in helping European countries achieve their net zero targets – but will also be fundamental to achieving a just transition in the energy sector.”