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, Ocean Energy: The Largest Untapped Renewable Resource , described by OEE as the first global assessment of wave and tidal energy resources, brings together over 70 governmental and academic studies and, besides Ocean Energy Europe, features contributions from the International Renewable Energy Agency (IRENA) and the European Commission.
The report states that ocean energy can become a major source of renewable electricity alongside wind and solar energy, with global resources only set to grow as technologies improve and innovation unlocks new geographical areas.
James Walke r, Team Lead at IRENA, said: “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.”
The UK and France are said to host some of the world’s best tidal resources, while wave energy alone could meet over 100% of electricity demand in Ireland and Portugal, 55% in the UK and over 30% in Spain.
Beyond Europe, the report highlights that the U.S. and Canada have the highest surveyed potential, though Brazil and Chile could cover 20% of their demand with just wave energy. Thanks to rapidly increasing investment through substantial Department of Energy funding programs, the U.S. could even challenge Europe’s leadership.
Moving on to Asia and Oceania, tidal energy can meet 100% of demand in the Philippines and over 50% in Indonesia, while there is “considerable unassessed potential” in Africa and Small Island Developing States, the report writes.
“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,” said Rémi Gruet , CEO of Ocean Energy Europe.