IEA-OES unveils international roadmap for 300GW of ocean energy by 2050

Outlook & Strategy

November 24, 2023, by Amir Garanovic

International Energy Agency’s Technology Collaboration Program on Ocean Energy Systems (IEA-OES) has released a roadmap that outlines a comprehensive strategy that will help to drive the global development of ocean energy.

Illustration/Orbital Marine’s O2 tidal energy turbine (Courtesy of Orbital Marine Power)

As the international community gathers for COP28, set to start on November 30 in the United Arab Emirates, IEA-OES is taking the proactive measure to share its forward-looking roadmap, outlining a hopeful and sustainable future for ocean energy.

Ocean energy, including but not limited to wave and tidal stream, is poised to play a pivotal role in the global energy landscape, according to newly released ‘Ocean Energy and Net Zero: An International Roadmap to Develop 300GW of Ocean Energy by 2050’.

By 2050, the ocean energy sector forecasts a global total installed capacity of 300GW. This ambitious target is expected to generate 680,000 jobs, contribute $340 billion in gross value added (GVA), and prevent over 500 million tonnes of carbon emissions, underlining the sector’s potential to drive socio-economic growth and combat climate change, according to IEA-OES.

Matthijs Soede, chairman of the IEA-OES, said: “This report gives valuable insights into the significant benefits that are associated with sustained and continued innovation. However, bringing a technology to the market is not only a matter of climbing the TRL ladder, it also requires an internationally coordinated policy and regulatory framework. I fully believe that this report is not just food for thought, but it is also food for action and should provide clear guidance for the future development of the international ocean energy sector.”

The report offers key policy recommendations from the IEA-OES, designed to inform the reader on how the forecasts and targets presented throughout the report can be achieved.

Henry Jeffrey, IEA-OES delegate for the UK, added: “It is clear from this report that both wave and tidal stream have a key role to play in the global energy transition. It has also shown that sustained market support, coupled with the optimal balance of innovation funding, will be vital for the wider sector to achieve its full potential and enable it to unlock a range of socioeconomic, energy system and environmental benefits.

“It is critical for international governments to develop clear policy frameworks to accompany these long-term deployment forecasts, thus ensuring that the ocean energy sector achieves its potential on a suitable timescale.”