Ocean energy industry delivers ‘how-to’ guide for reaching Europe’s 100MW by 2025 target
Ocean Energy Europe has presented the European Commission with a study that outlines the financial, technical and regulatory aspects of 17 wave and tidal projects that could hit the waters by the end of 2025, with recommendations for action at the EU level to ensure their delivery.
There are more than enough ocean energy projects in the works to meet the European Offshore Renewable Energy Strategy’s target of 100MW by 2025, according to industry body representing the European ocean energy industry – Ocean Energy Europe (OEE).
Representing over 160MW of clean energy and €1.2 billion of investment, 17 major projects are already in progress across Europe.
But the clock is ticking: to get these projects over the finish line, the European Commission and Member States must deliver now on the Strategy’s key commitment of coordination on financial support, OEE warns.
Therefore, the Commission was presented with the industry knowledge it needs to kick off its collaboration with national and regional authorities and deliver the target on time in a ‘Target 2025’ study.
According to OEE, there is no more time to lose in getting started – for projects to deploy by 2025, financial support needs to be in place within the next two years.
The confidential study has therefore detailed the financial, technical and regulatory aspects of the 17 projects currently in development, and made recommendations for action at the EU level.
The ‘Target 2025’ study outlines several complementary ways in which the Commission and Member States can coordinate on funding.
For 9 wave and 8 tidal projects, the document details the capital and operational expenses, technology to be used, status on grid connection, licensing and environmental consenting, and funding gaps.
Bilateral political engagement on existing ocean energy projects is the quickest and easiest way to kick-start coordination. Joined-up measures such as targeted revenue support, dedicated funding calls, and public procurement can then drive ocean energy deployments out to 2025 and beyond, OEE said.
Catharina Sikow-Magny, director at the Commission’s Energy DG received the publication today, ahead of her speech at the ‘Target 2025’ event, alongside MEPs Morten Petersen and Seán Kelly.
Rémi Gruet, OEE’s CEO, said: “10% of the time to 2025 has already passed since the Strategy’s publication – now the Commission needs to turn its ambitious objectives into tangible actions. This new study serves as a ‘how to’ guide to do just that. Bringing transformational decarbonised new energy sources to market is exactly the kind of situation where European cooperation – the EU’s reason for existence – must come into its own”.
Ocean energy can help to decarbonise Europe. It can support variable renewables like wind and solar, deliver new jobs in deprived coastal regions, speed up oil and gas companies’ transition, and reinforce Europe’s position as a global economic champion in the field of renewable energy.
In short, ocean energy embodies the core values of the European Green Deal. This is precisely why the Commission has set ambitious targets for the sector in its Strategy, and why they must now be delivered, OEE concluded.
The document is available on a confidential basis to European and national policy makers only, to aid in the coordination of funding for these projects.