IEA-OES published a roadmap presenting a strategy to propel the advancement of ocean energy.
As the international community gathers for COP28, IEA-OES will actively share its forward-looking roadmap, outlining a hopeful and sustainable future.
Ocean energy, which includes both wave and tidal stream, expects to play a pivotal role in the global energy landscape.
By 2050, the sector envisions achieving a global installed capacity of 300GW. This ambitious target will create 680,000 jobs, contribute $340 billion, and reduce over 500 million tonnes of carbon emissions. These projections underscore the sector’s capacity to foster socio-economic growth and address climate change.
Matthijs Soede, Chairman of IEA-OES, declared, “This report offers valuable insights into the substantial benefits linked with ongoing and persistent innovation. However, bringing a technology to the market involves more than just advancing the TRL ladder; it also demands an internationally coordinated policy and regulatory framework. I strongly believe that this report not only stimulates thinking but also calls for action, providing clear guidance for the future development of the international ocean energy sector.”
The report includes crucial policy recommendations from IEA-OES aiming to guide readers on how the forecast and targets presented throughout the report can be realized.
Henry Jeffrey, the UK delegate for IEA-OES, remarked, “This report clearly indicates that both wave and tidal stream technologies are pivotal in the global energy transition. It has also demonstrated that sustained market support, along with the optimal balance of innovation funding, will be crucial for the broader sector to realize its full potential and unlock a variety of socioeconomic, energy system, and environmental benefits.”