Green Economy in a Blue World-Full Report

1 Introduction: Marine-based renewable energy sector as an important sector of the Green Economy Thischapterexploreshowincreasinginvestments in renewable energy, in the context of climate change and green economy policy discussions, could play out in the marine environment. It will highlight the main drivers before assessing economic, social and environmental risks and opportunities associated with the most commercially-developed technologies: offshore wind, tidal, waves and, to a lesser extent, marine- based biofuels. Based on these, an assessment is made of the enabling conditions that can support the broader marine-based renewable energy sector, followed by specific policy and financing recommendations to ensure that marine-based renewable energy options meet their potential to help power the transition to a greener economy. 1.1 Marine-based renewable energy – Overview Energy is the driver of all economies and access to sustainable energy is a prerequisite for a sustainable economy. The marine environment has traditionally provided energy sources through coastal and deep water oil and gas reserves. However, investors are increasingly turning to the marine environment as a source of clean energy. The ocean’s potential for renewable energy resources is vast. The ocean receives more than 70 per cent of the Earth’s available sunlight, and almost 90 per cent of the world’s wind energy occurs over the ocean (IUCN 2010, Czisch 2005). In addition to harnessing stronger winds offshore, ocean sources of renewable energy can take many forms, including (IPCC, 2011): • Wave • Tidal (rise and fall) • Tidal (currents) • Ocean currents • Ocean Thermal Energy Conversion (OTEC) The IPCC’s Special Report on Renewable Energy Sources (2011), highlights that the technically exploitable potential for marine-based renewable is estimated at 7 400 EJ per year; the figure well exceeding our current energy needs. The exploitable potential is limited by the need for energy sources to be near population centres to reduce associated transmission costs, as well as on future technology developments. • Salinity gradients (osmosis) • Marine-based biomass (algae)

However the potential for supplying the energy needs of these centres is huge. For instance, conversion of the wave energy resource alone could supply a substantial part of the electricity demand of several countries, in particular Ireland, the UK, Denmark, Portugal, Spain and Norway, especially on islands and in remote areas (EREC, 2011). Other renewable energy technologies are more advanced in both their development and their commercialization. In 2008, marine-based renewable energy represented less than 1 per cent of total energy production of all renewable energy options, and of this, offshore wind was by far the greatest contributor. However, the marine environment does offer promising opportunities due to its more predictable circulation and untapped reserves. Additionally, there is less likelihood of conflict with other land-users which onshore renewable energy options are increasingly encountering as infrastructure levels increase. More than 85 countries around the world have renewable energy targets in place (UNEP, 2011), with countries such as the UK, Canada, Portugal, Estonia, France, Italy and Ireland developing specific targets for marine-based renewable energy, excluding offshore wind (IPCC, 2011) 1 . However, Europe currently leads the development of ocean-based energies, particularly for offshore wind, wave and marine currents, which have seen the most technological development. This development is primarily facilitated by strong renewable energy targets through the governments’ directives (Renewable Energy Directive) and support for research and development, as well as investments from utility companies who are under pressure to increase their share of clean energy in their portfolio. The best ocean energy resources within European Union Member States are wave energy and marine currents, salinity gradient systems are being developed in Norway and the Netherlands (EREC, 2011). The figure below shows projections of installed marine energy capacity for selected countries from 2012 to 2020. Marine energy sources included are: tidal barrage, tidal current, wave, OTEC and osmotic power. South Korea and France are starting with from a relatively high installed level. However, the UK, the USA and Portugal are the countries with highest relative increases projected. The global installed wind energy generation capacity (including offshore and onshore) 1. UK: 1300 MW, Portugal: 250 MW, France: 140 MW, Estonia: 100 MW, Ireland: 75 MW, Italy: 3 MW electricity generation from marine based renewable energy.

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