The European Union (EU) has always been at the forefront of sourcing energy from sustainable means. In fact, the Europe 2020 Strategy sets the objective to create 20% of energy consumption from renewables by 2020. Renewables include wind, solar, hydro-electric as well as geothermal energy and biomass. An increase in renewable energy has a two pronged effect as it will enable the EU to cut greenhouse emissions and make it less dependent on imported energy. Boosting the renewable industry will also encourage technological innovation and employment in Europe.
At this point in time the EU is also looking at harnessing an alternative source of energy called Blue Energy. Blue energy - sometimes called ocean energy - is a term used for the method of generating electricity through the convergence of both fresh and salt water. This energy can be extracted through a variety of means, including tidal power, current power, wave power, thermal energy conversion, and osmosis. Power may also be generated by harnessing the wind power associated with the body of water - usually the ocean.
Exploiting the economic potential of the seas and oceans without destroying their ecological balance is also a key element in the EU's maritime policy. The ocean energy sector was recently highlighted in the Commission's Communication entitled, ‘Blue Energy - Action needed to deliver on the potential of ocean energy in European seas and oceans by 2020 and beyond’, as one of five developing areas in the ‘blue economy’ that could help drive job creation in coastal areas. Pan European job creation can develop in specific sectors that include SMEs; manufacturing companies involved in ship building, or mechanical, electrical and maritime engineering; environmental impact assessment and health and safety management. The blue economy will also see a need for specialised ships which in turn will be constructed in European shipyards.
Moreover, ocean energy has the potential to create new, high-quality jobs in project development, component manufacturing and operations. Indicative job estimates from the impact assessment that accompanies the Commission Communication show that as many as 10,500 to 26,500 permanent jobs and up to 14,000 temporary jobs could be created by 2035.
Other Commission initiatives, such as the Communication on Energy Technologies and Innovation and the Atlantic Action Plan, have also recognised the importance of ocean energy and aim to encourage collaborative research and development and cross-border cooperation to boost its development.
Currently, the EU’s position in the ocean energy market is very resilient globally as most technology developers are European based. However, it is also expected that there will be competition from countries such as China and Canada. According to the UK’s Carbon Trust, the blue economy could be worth up to €535 billion between 2010 and 2050 so it is imperative that this industry is given the space to grow. Laying solid groundwork now will ultimately mean that the EU can seize a huge chunk of the market in the future.
Ocean energy is the way forward when it comes to harnessing such a vital source of energy. However, it is not without its challenges too. As blue energy is relatively new, costs into tapping this important resource are higher than other sources of energy and access to finances is still relatively difficult to harness. Administrative barriers such as complicated licensing and consenting measures will raise costs and can delay projects. Grid connection issues and inadequate access to port facilities can also hinder the development of this sector. The need for more research and environmental impact assessments also needs to be addressed before more progress in this sector can be made.
Nevertheless EU leaders have committed to transforming Europe into a highly energy-efficient, low carbon economy. When it comes to ocean energy the EU already has medium and long term plans in place.
Regarding its medium term, i.e. 2014-2017 the Commission Communication ‘Blue Energy’, sets out an action plan to guide further development of the ocean energy sector. Completion of this action plan is the period 2014-2017.
Regarding long term plans, the EU has set itself targets to reducing its greenhouse gas emissions progressively up to 2050 and is working successfully towards meeting them. Tapping into this source of energy will also mean that the EU’s commitment to reduce greenhouse emissions by 80-95% by 2050 can be addressed.