The Ocean energy resource available globally exceeds present and projected future energy needs and had the potential to contribute to long-term greenhouse gas emission reduction goals. As identified in the European Commission Communications on Blue Energy the highest potential for the development of ocean energy in the EU, is on the Atlantic seaboard. Exploiting this indigenous resource would help to mitigate the EU's dependence on fossil fuels and contribute to energy self-sufficiency, particularly for island nations.
Ocean Energy Forum
The European Commission has developed a two-step action plan to support this emerging sector. The first phase (2014-2016), involved the establishment of an Ocean Energy Forum, to bring together stakeholders to develop a shared understanding of the problems and to develop solutions. The focus is on building capacity and critical mass, and on fostering cooperation. The outcomes of the Forum will feed into a strategic roadmap, which will provide an agreed blueprint for action in order to help the ocean energy sector move towards industrialisation.
The EU Commission envisages a second phase (2017-2020) European initiative could be developed, based on the outcomes of the Ocean Energy Forum. European industrial initiatives are public-private partnerships that bring together industry, researchers, Member States and the Commission to set out and implement clear and shared objectives over a specific timeframe. They enhance the impact of innovation research and developments and provide a platform for sharing investment risk.