The EU’s Ocean Energy Forum has called for state aid guidelines to “better accommodate” the funding needs of emerging wave and tidal technologies.
The Forum’s strategic roadmap, released at today’s Ocean Energy Europe conference in Dublin, says the move would ensure better access to upfront development cash for the sector.
The study, commissioned by the European Commission, also calls for funding schemes to remain in place in a bid to support the industry as it moves towards commercialisation.
The roadmap said: “European state aid guidelines should also better accommodate the funding requirements of emerging technologies such as ocean energy, and national authorities offer guidance to the industry on combining diverse sources of funding, thus ensuring better access to existing finance.”
The European Investment Bank, national investment banks and public authorities should also support the development of ocean energy by unlocking risk capital, the report said.
The roadmap sets out six key priority areas for the sector. These include a focus on reliability and performance of technologies, and reducing costs.
“For each development phase the technological, financing and regulatory challenges to address these six priority areas are different,” it said. “They will require bespoke actions from all stakeholders as well as fit-for-purpose public and private funding and financing solutions.”
The report also calls on European member states and industry to establish a continent-wide scheme to validate technology components and says that forward planning is vital to ensuring continued public support.
“Consenting processes need to be tailored to the characteristics of ocean energy and be proportionate to the potential environmental risks posed,” it said.
Ocean Energy Europe chief executive Remi Gruet said: “The action plan provides concrete proposals for public-private cooperation which would turn Europe’s technology leadership into a new industrial sector, providing growth and jobs for Europe. The industry looks forward to working with decision-makers to deliver on this plan.”
Irish energy minister Alex White (pictured) said: “I welcome the work that has been done to produce the draft Roadmap and I wish all the various interests well in finalising the Roadmap over the next 12 months.”
Image: Irish energy minister Alex White (Irish Labour Party)
