According to Ocean Energy Europe, the European Commission “must deliver coordination of financial support” to ensure that ocean energy projects are completed on time to fulfill an EU deadline (OEE).
The OEE has given the European Commission a detailed pipeline of 17 wave and tidal projects that might be operational in EU waters by 2025, totaling over 160MW of clean energy and €1.2 billion in investment.
According to the OEE, this is “more than enough” to satisfy the European Offshore Renewable Energy Strategy’s aim of 100MW by 2025.
According to the OEE, the European Commission and the Member States must now fulfill the strategy’s core pledge of financial support coordination to guarantee that these projects are finished on time to meet the deadline.
Financial assistance must be in place within the next two years, according to the group, for projects to be implemented by then. The “Target 2025” research, which is kept classified, examines the financial, technical, and legal elements of these projects and presents recommendations for EU action.
The report proposes a number of “complementary strategies” for the Commission and the Member States to work together on funding.
The “quickest and easiest approach to launch collaboration” is bilateral political involvement on current ocean energy projects.