Europe's local governments: EU €315bn Investment Plan needed to transform ocean energy sector
Members of the European Committee of the Regions (CoR) have called for more EU investment to be funnelled into ocean energy. As part of the drive towards creating a more sustainable economy, the local leaders note that renewable energy from tides and waves, could satisfy 10-15% of EU power demand by 2050 and generate up to half a million jobs. Ocean energy could also contribute to the diversification and decarbonisation of the economy which are vital in fulfilling the EU's climate and renewable energy commitments.
Ocean energy has been earmarked as a priority for the EU's economic and energy growth plans and Blue Growth strategy, both of which are part of the EU's long term plan to support sustainable growth. In an opinion by the CoR - the EU's assembly of local and regional authorities - entitled 'Developing the potential of Ocean Energy' led by Rhodri Glyn Thomas (EA/UK), the CoR's climate and energy commission suggests ocean energy should be one of the priorities of the new €315bn European Fund for Strategic Investment (EFSI). Despite the EU being a world leader in developing this sector, Rhodri Glyn Thomas - a Welsh Assembly Member for Carmarthen East and Dinefwr - questions "how long" this will last. Thomas warns that the EU needs to secure further investment if it is to maintain its lead and suggests it should be a priority of the EFSI. Mr. Thomas said: "Ocean energy could be one of the cornerstones for building partnership between local governments, businesses and research institutes. It can provide local jobs and most importantly energy security of supply but it needs sound investment".
So far outside investment had been thwarted by the perceived risk involved, due to unknown technology, red-tape, grid related issues and high costs. The European Investment Bank and further EU inter-institutional and regional corporation will be required to overcome these challenges and local governments will also have to drive the industry forward. The opinion calls for the European Commission to reflect on the necessity of strong local and regional support for ocean energy in its Ocean Energy Forum, set up by the Commission to support and monitor the growth of the industry. The opinion also suggests that this Forum be transformed into an industrial platform to help coordinate a co-working relationship between levels of governance, business and research institutes.
Speaking during the debate Miriam Dalli i, a member of the European Parliament, highlighted the importance of renewable energy resources in Europe's energy portfolio. She said: "Alongside more established rewnewable technologies, we must enable the ocean energy sector to make a meaningful contribution to Europe’s employment, innovation, climate and environmental objectives. We must tackle the barriers by encouraging collaboration between the technology developers, policy makers, investors and other stakeholders so as to bridge the gap between research and the market".
Countries located on Europe's Atlantic coast are cited as being the focal point for the development of ocean energy and the CoR draft opinion suggests current funding for the Atlantic should be redirected towards strengthening this form of renewable energy. There remains a strong potential to create a macro region in the area, specifically affecting France, Ireland, Portugal, Spain and UK. Nonetheless other seas and water basins could contribute to the growth of the industry and coastal areas across Europe are likely to see economic gains and a boost in jobs at regional level.
As well as attracting investors and including stakeholders in the process, the CoR places public support as an important factor in the success of this young industry. It therefore sets out the desire to capture "the hearts and minds" of European citizens. The CoR is willing to play a central role in engaging the public and raising awareness of ocean energy, especially during dedicated events such as Sustainable Energy Week, an EU event dedicated to promoting sustainable energy.
The opinion has been scheduled for final adoption at the Committee of the Regions on 13-14 October 2015.
Contact:
Nicole Zandi
Tel. +32 2 282 2553
nicole.zandi@ext.cor.europa.eu