Ocean energy can supply 13% of global electricity demand, as well as produce 21% of current EU consumption – more than fossil gas or hydroelectricity today, according to a new report from Ocean Energy Europe (OEE).
Launched on June 29, the report titled Ocean Energy: The Largest Untapped Renewable Resource, consolidates findings from over 70 governmental and academic studies. This unique compilation, which includes contributions from the International Renewable Energy Agency (IRENA) and the European Commission, marks the first comprehensive assessment of wave and tidal energy resources globally.
The findings are promising: ocean energy could emerge as a significant player in the renewable electricity landscape, competing alongside wind and solar energy. As technologies continue to improve, the geographical areas suitable for harnessing these resources expand, paving the way for a sustainable energy future.
James Walker, Team Lead at IRENA, emphasizes the importance of this research. He states, “Comprehensive renewable energy resource assessments are an essential foundation for developing the policy and strategy frameworks which deliver energy transition progress. This study highlights both the significant global potential of ocean energy, and the need to expand data collection, harmonise assessment methodologies and support more countries in understanding their marine energy resources.”
Europe, particularly the UK and France, boasts some of the world’s richest tidal resources. In fact, wave energy alone has the potential to meet over 100% of electricity demand in Ireland and Portugal, 55% in the UK, and over 30% in Spain. This level of resource availability underscores the incredible possibilities ocean energy holds for the continent.
But it’s not just Europe that stands to benefit. The report highlights that the United States and Canada possess the highest surveyed potential for ocean energy. With federal investments pouring in through various Department of Energy funding programs, the U.S. is poised to challenge Europe’s leadership in this arena. Even Brazil and Chile have the capacity to meet 20% of their electricity demands solely through wave energy.
Turning to Asia and Oceania, tidal energy could satisfy 100% of the electricity demand in the Philippines and over 50% in Indonesia. Additionally, the report indicates that there is considerable unassessed potential in Africa and Small Island Developing States, suggesting that the global landscape for ocean energy is rich with untapped opportunities.
In the words of Rémi Gruet, CEO of Ocean Energy Europe, “This assessment confirms that ocean energy is not a niche technology. The resource is abundant, the technology is progressing, and countries that move first will secure industrial leadership, export opportunities, and home-grown renewable electricity. The next step is to translate this global potential into commercial deployment.”
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