Measuring progress towards ocean energy commercialisation

Abstract

The EU aims to achieve climate neutrality by 2050 through the

European Green Deal and its commitment to global climate action

under the Paris Agreement. Transitioning to a carbon-neutral so

ciety requires increasing the share of renewable energy across dif

ferent sectors. Ocean energy can contribute to job creation, eco

nomic revitalization, and grid balancing. However, public funding

and financial instruments are necessary to reduce risks, advance

technology, and to support demonstration and pre-commercial

projects in the ocean energy sector. The SEETIP Ocean project,

supported by the European Commission through the Horizon Eu

rope framework programme, aims to accelerate the deployment of

the ocean energy sector by promoting collaboration among stake

holders. As part of the project, an analysis is being conducted to

assess technological progress, identify implementation gaps, and

update the Strategic Research and Innovation Agenda (SRIA) for

Ocean Energy. The analysis reveals reasonable progress in research

and innovation, albeit with smaller project sizes compared to cur

rent SRIA recommendations, and the need for increased support

from national programmes. Some topics have been covered more

than proposed funding and number of projects, while others not at

all. This highlights the need for effective communication and col

laboration between both the European Commission and Member

State funders and their programmes. In addition, public support

and funding is crucial to lower investment risks and propel ocean

energy technologies towards commercialisation. With appropri

ate funding and policy support, the European ocean energy sector

could strengthen its position as a worldwide leader and harness

the socio-economic benefits from the sector.