The new EU Strategy on Offshore Renewable Energy must include a target of 100MW of ocean energy installed in Europe by 2025, according to Ocean Energy Europe.
Meeting this milestone would pave the way for installing 3GW by 2030 and 100GW by 2050, said the network, which spans utilities, industrial companies and research institutes.
Setting a 100MW target by 2025 for technologies that include wave and tidal power converters would also provide the “political impetus and incentives” needed to maintain Europe’s position as the “global leader” in ocean energy and create a new industry, Ocean Energy Europe said.
The group said four priority actions are needed to achieve the target.
First is the formation of a pan-European alliance of EU decision-makers, national governments and industry representatives.
The alliance would be tasked with accelerating the sector’s development by providing access to national revenue support and making it easier to secure project sites.
Secondly, Ocean Energy Europe has advocated a €300m funding pot for ocean energy research and innovation over the next five years.
The fund will support the EU’s green recovery objectives, cut technology costs and get planned projects into the water.
The third action, setting up a European insurance and guarantee fund, will also reduce project risks and make it easier for developers to access private finance.
The final recommendation is to develop an “export strategy” for offshore renewable technologies.
“A blend of European Investment Bank financing and guarantees for export-ready projects will make sure that Europe holds onto its world-leading position in ocean energy,” Ocean Energy Group said.
Ocean Energy Europe chief executive Remi Gruet (pictured) said: “This target is entirely achievable. There is a strong pipeline of projects lined up along Europe’s coasts – all that’s needed now is the right policy and market environment to deliver them.
“The new EU Strategy on Offshore Renewable Energy is a huge opportunity for Europe to achieve a recovery that is both green and just.”