Innovation Outlook: Ocean Energy Technologies, International Renewable Energy Agency, Abu Dhabi

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Innovation Outlook: Ocean Energy Technologies, International Renewable Energy Agency, Abu Dhabi INNOVATION OUTLOOK OCEAN ENERGY TECHNOLOGIES A contribution to the Small Island Developing States Lighthouses Initiative 2.0 Copyright © IRENA 2020 Unless otherwise stated, material in this publication may be freely used, shared, copied, reproduced, printed and/or stored, provided that appropriate acknowledgement is given of IRENA as the source and copyright holder. Material in this publication that is attributed to third parties may be subject to separate terms of use and restrictions, and appropriate permissions from these third parties may need to be secured before any use of such material. ISBN 978-92-9260-287-1 For further information or to provide feedback, please contact IRENA at: [email protected] This report is available for download from: www.irena.org/Publications Citation: IRENA (2020), Innovation outlook: Ocean energy technologies, International Renewable Energy Agency, Abu Dhabi. About IRENA The International Renewable Energy Agency (IRENA) serves as the principal platform for international co-operation, a centre of excellence, a repository of policy, technology, resource and financial knowledge, and a driver of action on the ground to advance the transformation of the global energy system. An intergovernmental organisation established in 2011, IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy, including bioenergy, geothermal, hydropower, ocean, solar and wind energy, in the pursuit of sustainable development, energy access, energy security and low-carbon economic growth and prosperity. Acknowledgements IRENA appreciates the technical review provided by: Jan Steinkohl (EC), Davide Magagna (EU JRC), Jonathan Colby (IECRE), David Hanlon, Antoinette Price (International Electrotechnical Commission), Peter Scheijgrond (MET- support BV), Rémi Gruet, Donagh Cagney, Rémi Collombet (Ocean Energy Europe), Marlène Moutel (Sabella) and Paul Komor. The editor of this report was Lisa Mastny. This report also benefited from valuable contributions by IRENA experts Roland Roesch, Gabriel Castellanos and Costanza Strinati. This report was designed and directed by Francisco Boshell (IRENA) and authored by Judit Hecke, Alessandra Salgado, Elena Ocenic, Mustafa Abunofal and Noor Van Velzen (IRENA). IRENA is grateful for the support of the Ministry of Foreign Affairs of Denmark in producing this publication. This report forms part of the “SIDS Lighthouses Initiative 2.0” project, which is supported by the Ministry of Foreign Affairs of Denmark. Disclaimer This publication and the material herein are provided “as is”. The projects mentioned in the database and in this report do not represent any endorsement. All reasonable precautions have been taken by IRENA to verify the reliability of the material in this publication. However, neither IRENA nor any of its officials, agents, data or other third-party content providers provides a warranty of any kind, either expressed or implied, and they accept no responsibility or liability for any consequence of use of the publication or material herein. The information contained herein does not necessarily represent the views of all Members of IRENA. The mention of specific companies or certain projects or products does not imply that they are endorsed or recommended by IRENA in preference to others of a similar nature that are not mentioned. The designations employed, and the presentation of material herein, do not imply the expression of any opinion on the part of IRENA concerning the legal status of any region, country, territory, city or area or of its authorities, or concerning the delimitation of frontiers or boundaries. Copyright © IRENA 2020 Unless otherwise stated, material in this publication may be freely used, shared, copied, reproduced, printed and/or stored, provided that appropriate acknowledgement is given of IRENA as the source and copyright holder. Material in this publication that is attributed to third parties may be subject to separate terms of use and restrictions, and appropriate permissions from these third parties may need to be secured before any use of such material. ISBN 978-92-9260-287-1 For further information or to provide feedback, please contact IRENA at: [email protected] This report is available for download from: www.irena.org/Publications Citation: IRENA (2020), Innovation outlook: Ocean energy technologies, International Renewable Energy Agency, Abu Dhabi. About IRENA The International Renewable Energy Agency (IRENA) serves as the principal platform for international co-operation, a centre of excellence, a repository of policy, technology, resource and financial knowledge, and a driver of action on the ground to advance the transformation of the global energy system. An intergovernmental organisation established in 2011, IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy, including bioenergy, geothermal, hydropower, ocean, solar and wind energy, in the pursuit of sustainable development, energy access, energy security and low-carbon economic growth and prosperity. Acknowledgements IRENA appreciates the technical review provided by: Jan Steinkohl (EC), Davide Magagna (EU JRC), Jonathan Colby (IECRE), David Hanlon, Antoinette Price (International Electrotechnical Commission), Peter Scheijgrond (MET- support BV), Rémi Gruet, Donagh Cagney, Rémi Collombet (Ocean Energy Europe), Marlène Moutel (Sabella) and Paul Komor. The editor of this report was Lisa Mastny. This report also benefited from valuable contributions by IRENA experts Roland Roesch, Gabriel Castellanos and Costanza Strinati. This report was designed and directed by Francisco Boshell (IRENA) and authored by Judit Hecke, Alessandra Salgado, Elena Ocenic, Mustafa Abunofal and Noor Van Velzen (IRENA). IRENA is grateful for the support of the Ministry of Foreign Affairs of Denmark in producing this publication. This report forms part of the “SIDS Lighthouses Initiative 2.0” project, which is supported by the Ministry of Foreign Affairs of Denmark. Disclaimer This publication and the material herein are provided “as is”. The projects mentioned in the database and in this report do not represent any endorsement. All reasonable precautions have been taken by IRENA to verify the reliability of the material in this publication. However, neither IRENA nor any of its officials, agents, data or other third-party content providers provides a warranty of any kind, either expressed or implied, and they accept no responsibility or liability for any consequence of use of the publication or material herein. The information contained herein does not necessarily represent the views of all Members of IRENA. The mention of specific companies or certain projects or products does not imply that they are endorsed or recommended by IRENA in preference to others of a similar nature that are not mentioned. The designations employed, and the presentation of material herein, do not imply the expression of any opinion on the part of IRENA concerning the legal status of any region, country, territory, city or area or of its authorities, or concerning the delimitation of frontiers or boundaries. CONTENTS FIGURES ...............................................................................................................................................................................................7 TABLES .................................................................................................................................................................................................8 BOXES ...................................................................................................................................................................................................9 ABBREVIATIONS ............................................................................................................................................................................10 SUMMARY FOR POLICY-MAKERS .......................................................................................................................................... 12 Key messages: Technology and market 12 Key messages: Pathways to address key challenges and move closer to commercialisation 17 1. INTRODUCTION ......................................................................................................................................................................22 2. GLOBAL OUTLOOK: TECHNOLOGY AND MARKET ...............................................................................................24 2.1 Levelised cost of electricity ......................................................................................................................................28 2.2 Tidal energy .....................................................................................................................................................................30 • Resource potential ........................................................................................................................................................30 • Technology ......................................................................................................................................................................30 • Market ................................................................................................................................................................................33 2.3 Wave energy ...................................................................................................................................................................38
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