Ocean Energy's Role in Europe's Economic Future: A Business Perspective

From a business standpoint, the European Union's push for ocean energy presents a compelling investment opportunity. The EU aims for 1 GW of installed ocean energy capacity by 2030. This initiative is not merely an environmental endeavor; it's a strategic move with significant economic implications. The European Commission estimates that ocean energy can contribute up to a cumulative €5.8 billion in Gross Value Added between now and 2030. The business case is strengthened by the potential for job creation. The sector could generate 400,000 jobs by 2050. Moreover, the EU's commitment to supporting the value chain, including investments in developments, signals a favorable environment for businesses. The EU Offshore Renewable Energy Strategy targets 100 MW of wave and tidal energy by 2025 and at least 1 GW by 2030. This creates a clear market for wave and tidal energy, encouraging investment and innovation. The EU is already a technological leader in ocean energy, with European companies leading the world in tidal stream and wave energy. This existing expertise and the supportive regulatory framework position Europe to dominate a new, high-value global market. The Net-Zero Industry Act classifies ocean energy as a strategic net-zero technology, underscoring its importance for the future.