Photo: Illustration/Mocean at EMEC (Photo by Colin Keldie)

Europe could gain €140bn from ocean energy by 2050, study suggests

ETIP Ocean has released results from the Gross Value Added (GVA) study stating that there is a significant benefit to be generated by supply chain activity servicing global (European and non-European) deployments of ocean energy to 2050. 

The GVA study, authored by the University of Edinburgh, presents results, analysis, and high-level policy recommendations quantifying the potential economic benefit, in terms of GVA, to the European economy of the development of wave and tidal energy technologies in Europe and their deployment globally to 2050.

Additionally, the study looks into the impact on the economic benefit of the overall European supply chain strength for domestic and international deployments.

The benefit had been calculated for three deployment scenarios based on and beyond the achievement of the Strategic Energy Technology Ocean Energy Implementation Plan (SET Plan) targets of €100/MWh for tidal and €150/MWh for wave by 2030.

The total GVA benefit to the European economy these deployments has a potential range of €59 billion to €140 billion across the three scenarios presented in the report.

“The analysis indicates that the strength of the domestic supply chain has a significant impact on the proportion of this economic benefit reaped by the European economy. That is to say, there is significant opportunity offered to Europe, provided policy is enacted to reduce costs to or beyond the SET Plan targets, prioritise local content for domestic deployments and exports alike, and attract deployment to European waters”, said the advisory body.

The report is a result of the collaboration with the European Commission Joint Research Centre and International Energy Agency (IEA), with ocean energy deployment figures based on inputting consistent SET Plan cost projections to European and global energy systems models.

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