Marine Energy Market In Its Infancy

Photo credit: Oceanflow Energy
Oceanflow Energy. 2008 – Evopod 1/10th Sea Trials @ Portaferry. Flickr. June 3, 2008.

Our world´s oceans, covering more than 70% of the Earth´s total surface, are an immense source of energy. Despite of the fact that the marine ecosystem and environment today are hardly utilized for energy creation, Mørk et al. (2010) evaluated in their study for the IPCC that our oceans and waves alone could theoretically provide double the amount of worldwide electricity supply. Nonetheless, marine hydrokinetic energy (MHK), also called ocean/tidal energy/power, in 2016 provided only about 536 MW of operating energy capacity worldwide. (EMEC Orkney 2017; REN21 2017; World Energy Council 2016).

In its infancy, marine energy resources are infinite, yet costs are still high and the financial environment and investments into marine energy have been challenging. Nevertheless, significant amounts of research and development projects are now taking place in many countries, with fresh implementations of marine energy devices recently. Majority of these R&D projects target tidal streams and waves, and a smaller proportion on thermal and salinity gradients. According to REN21, Canada, Chile, the Republic of Korea, the United States and a number of countries in Europe now lead projects related to marine energy. (REN21 2017).

Along with other renewable energy sources, marine energy could contribute to the diversification of the global energy mix while supporting countries in climate change mitigation and being one of the options for meeting the world´s continuously growing energy demand. Moreover, it could have socioeconomic benefits in terms of new job creation. The World Energy Council (2016) forecasts that if the energy production within the marine energy sector grows to 748 GW by 2050, this would create around 160.000 jobs by 2030.

The European Commissions Maritime Forum, the Ocean Energy Forum, states that ocean energy is the next generation of renewables with the capability of creating a completely new industrial manufacturing sector and a notable export market. The Ocean Energy Forum (2017) also forecasts that by 2050, ocean energy could meet 10% of Europe´s electricity demand with a deployment of 100 GW ocean energy on the continent. Government incentives and policies have a significant role in supporting ocean energy projects. Public opinion in Europe has been in favor of ocean energy research and development, and implementation. (REN21 2017; World Energy Council 2016).

An important socio-economic consideration with ocean energy, similar to wind energy, is energy security since variability is high on an annual and seasonal level, or in some cases, even on an hourly level. Forecasting is currently possible to about one week ahead. Under certain circumstances, ocean energy grids could face enormous pressure and coincide with alternative renewable energy sources, such as solar and wind, with a possibility of leading to electricity blackouts if not resolved through energy storage systems. (World Energy Council 2016).

Possible environmental impacts of ocean energy include marine species colliding/interacting with ocean energy devices such as turbines and OTEC (ocean thermal energy conversion). Taking into consideration that underwater species communicate through sound, noise disturbance from ocean energy devices could have an impact on the behavior of marine species. Another potential risk on the marine environment could be the impact of ocean energy devices on the natural movement of water. Feasible advantages from ocean energy devices could include improved ecological and environmental water quality, reduced air and water pollution, or even attracting marine species as a safe haven and an artificial habitat. (World Energy Council 2016).

Learn more by watching U.S. Department of Energy´s video “Energy 101: Marine and Hydrokinetic Energy”:

Connect with me on Twitter @annemariayritys. For climate/environment-related posts only @GCCThinkActTank. Subscribe to Leading With Passion to receive my latest posts.

 

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Anne-Maria Yritys

Anne-Maria Yritys is an authentic, passionate, inspired and multilingual business development manager, creative director, consultant and strategic change leader at Y.E.S. Yritys Executive Services. She is an active (online) networker and social media strategist with one of the Nordic´s largest personal LinkedIn networks. With a vast global following on Twitter, she is also Finland´s most followed business person on Twitter, and one of the country´s most active Tweeters @annemariayritys With her vast international experiences and love for sustainable development, she is a Global Citizen who values ethical leadership and responsible decision-making. She believes in advanced communication, empowerment, continuous development and higher learning leading to sustainable economic development and a sustainable future in individuals, organizations and nations across our Globe. Her mission and vision include accelerating positive change through effective change communication and leadership. She helps businesses and organizations through client/customer-oriented demands with tailored strategy consultations. She can also be booked for public speaking events. To find out more about Anne-Maria and to see how she may be of service to your business needs, please get in touch. Twitter: @annemariayritys @GCCThinkActTank @LeadingWPassion @AroundOMedia

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