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 society requires increasing the share of renewable energy across different sectors. Ocean energy can contribute to job creation, economic 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 Europe framework programme, aims to accelerate the deployment of the ocean energy sector by promoting collaboration among stakeholders. 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 current 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 collaboration 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 appropriate 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. Keywords: Climate neutrality, Ocean energy, Funding, Strategic Research and Innovation Agenda (SRIA), Challenge Areas, Priority Topics.