Among the broad range of renewable energy options available within the global energy transition, ocean energy offers significant potential to support decarbonisation efforts. With a global market potential of 350 GW by 2050, ocean energy can provide clean, local, predictable electricity to coastal nations and islands around the world. Ocean energy technologies can also interact in a symbiotic way with the blue economy; contribute to climate change mitigation; create new employment opportunities; and support overall grid resilience.
Despite their potential, ocean energy technologies face recurring challenges to their deployment, including a lack of funding opportunities and market visibility. This brief, produced by IRENA and Ocean Energy Europe (OEE) under the Collaborative Framework for Ocean Energy Technologies and Offshore Renewables, presents practical recommendations for scaling up investments in tidal stream and wave technologies – as the sub-categories within ocean energy that are closest to maturity, have the greatest application potential globally and are the most scalable.