Ocean Energy Europe applauds proposed EU target for ‘innovative’ renewable energy

Outlook & Strategy

October 25, 2022, by Amir Garanovic

An industry association representing European ocean energy sector, Ocean Energy Europe, has welcomed the new report which supports the European Parliament’s call for at least 5% of new renewable energy capacity to come from innovative renewable energy technologies.

Illustration/Sabella’s tidal turbine (Courtesy of Ocean Energy Europe)

The report, released by the Association of European Renewable Energy Research Centers (EUREC), demonstrates that the 5% innovation target is well-formulated and can be implemented via existing EU laws, and by building on approaches already used in some EU member states, according to Ocean Energy Europe.

The association ‘enthusiastically supports’ this target, as it expects it would speed up the commercialization of new, high-quality, European-made renewable energy technologies, including ocean energy.

The proposed amendment forms part of the revision process of the Renewable Energy Directive (RED III) which plans to raise the share of renewables in the EU’s final energy consumption to 45% by 2030.

The next stage of the negotiations with EU member states must now lock in this new target and deliver the energy future that Europe deserves, according to Ocean Energy Europe.

The EUREC report also explains why innovative renewables are crucial to security of supply and bringing down energy prices, as they make use of indigenous resources and can provide better balancing of Europe’s electricity supply and demand.

Also, innovative renewable energy technologies would contribute to the end of the fossil fuel dependency by creating a more flexible energy system, while also creating new industrial sectors, jobs, and export opportunities for the EU member states, the report states.

In addition, the report finds European Parliament’s ‘5% target for innovative renewables’ proposal appropriate, as an indicative target would give visibility to innovative renewable energy technology and its needs, while allowing EU member states to define their own vision of the innovative character of a renewable energy technology – meaning ‘a technology not considered innovative in one country, can still be considered innovative in another’.

The report was authored by EUREC, with support from Cleantech for Europe, Climate Strategy, European Association for Storage of Energy (EASE), European Renewable Energies Federation, and Future Cleantech Architects.