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Accelerating Energy Innovation for the Blue Economy

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Accelerating Energy Innovation for the Blue Economy Accelerating Energy Innovation for the Blue Economy Commissioned by Accelerating Energy Innovation for the Blue Economy 2 Table of Contents 3 Acronyms and abbreviations 4 About this report 6 Executive summary 9 Chapter 1: Energy consumers in the blue economy Case studies: 15 Chapter 2: The sail-to-steam transition and lessons for energy innovation 22 Chapter 3: Energy storage and the blue economy 28 Chapter 4: The offshore wind boom 33 Chapter 5: Energy innovation for the blue economy 46 Annex: Research methodology 48 Endnotes © The Economist Group Limited 2020 Accelerating Energy Innovation for the Blue Economy 3 Acronyms and abbreviations: APED Act to Promote Energy Diversity AUV Autonomous underwater vehicle Btu British Thermal Unit CLCPA Climate Leadership and Community Protection Act CO2 Carbon dioxide DOE US Department of Energy EIA Energy Information Administration EV Electric vehicle GDP Gross domestic product GW Gigawatt IEA International Energy Agency IMO International Marine Organisation IRENA International Renewable Energy Agency LCOE Localised cost of energy MW Megawatts MWh Megawatt hour NOAA National Oceanic and Atmospheric Administration OECD Organisation for Economic Cooperation and Development OTEC Ocean thermal energy conversion SIDS Small island developing states TRL Technology readiness level UUV Unmanned underwater vehicle VC Venture capital © The Economist Group Limited 2020 Accelerating Energy Innovation for the Blue Economy 4 About this report This report aims to foster better • Charles Colgan, research director, Center understanding of energy innovation for the for Blue Economy—Middlebury Institute blue economy and prospects for investment of International Studies at Monterey in marine renewable energy. The Economist • Timothy Cornelius, chief executive Intelligence Unit conducted an in-depth officer, SIMEC Atlantis Energy literature review and interviewed 30 blue • Adam de Sola Pool, member, Blue Angels economy, energy innovation and marine Investment Group; partner, Clean Energy energy experts to produce this report. Venture Group • William Dick, founder, Waveram Limited; The study was commissioned by Pacific Trinity College Dublin Northwest National Laboratory (a US • Astrid Dispert, project technical Department of Energy National Laboratory). manager, GreenVoyage 2050, International Maritime Organization Acknowledgements • John Ferland, president, ORPC, Inc. • Deborah Greaves OBE, professor, We extend our sincere gratitude to our head of the School of Engineering, interviewees (listed alphabetically below) for Computing and Mathematics, University their time and valuable insights: of Plymouth; director, Supergen Offshore • Joshua Berger, governor’s maritime Renewable Energy Hub sector lead, Washington State • Xavier Guillou, EU Directorate-General Department of Commerce; founder and for Maritime Affairs and Fisheries board chair, Washington Maritime Blue • Mark Hemer, principal research • Al Binger, secretary general, Small Island scienctist, Commonwealth Scientific Developing States Sustainable Energy and Industrial Research Organisation; and Climate Resilience Organisation programme leader, Offshore Renewable (SIDS DOCK) Energy Systems, Blue Economy • Francisco Boshell, analyst in renewable Cooperative Research Centre energy technology markets and • Roel Hoenders, head, Air Pollution and standards, International Renewable Energy Efficiency, International Marine Energy Agency Organization • Elaine Buck, technical manager, European • Henry Jeffrey, chairman, Ocean Energy Marine Energy Centre Systems; professor, The University of • Jonathan Colby, director of technology Edinburgh performance, Verdant Power; chair, • Claire Jolly, head of unit, OECD International Electrotechnical Directorate for Science, Technology and Commission (IEC) Technical Committee innovation 114; convener, IEC System for • Peter Kiernan, lead analyst, Energy, The Certification to Standards Relating to Economist Intelligence Unit Equipment for Use in Renewable Energy • Marcus Lehmann, co-founder and Applications, Marine Energy Sector chief executive officer, CalWave Power Working Group Technologies © The Economist Group Limited 2020 Accelerating Energy Innovation for the Blue Economy 5 • Alan Leonardi, director, Office of Ocean This report was researched and written by Exploration and Research, National Zubair Fattahi and Wade Islan. It was edited Oceanic and Atmospheric Administration by Martin Koehring and Madeleine Allen. We • Claire Mack, chief executive, Scottish are grateful for the design work of Antonella Renewables Bordone and George Hilton. • Chris Meinig, director of the engineering development division, Pacific Marine Environmental Laboratory, National Published October 2020 Oceanic and Atmospheric Administration • Alejandro Moreno, director, Water Power Technologies Office, Office of Energy Efficiency and Renewable Energy, US Department of Energy • Tim Mundon, vice president of engineering, Oscilla Power • Candace Nachman, senior policy advisor, National Marine Fisheries Service, National Oceanic and Atmospheric Administration • Heikki Paakkinen, chief executive officer, Wello Oy • Ralph Rayner, professorial research fellow, London School of Economics; president, Society for Underwater Technology • Roland Roesch, deputy director, Innovation and Technology Center, International Renewable Energy Agency • Mike Rust, science advisor for the Office of Aquaculture, National Marine Fisheries Service, National Oceanic and Atmospheric Administration • Jason Scorse, director, Center for Blue Economy—Middlebury Institute of International Studies at Monterey • Alan Simcock, joint coordinator, United Nations’ Group of Experts of the Regular Process for World Ocean Assessment © The Economist Group Limited 2020 Accelerating Energy Innovation for the Blue Economy 6 Executive summary What is the demand for energy within the Through improvement of the enabling blue economy? What enablers have driven environment marine energy technologies past innovations, and what were the impacts? can be driven forward, transforming and What is the current state of marine energy expanding the blue economy in the process. innovation? The report is divided into the following five As the blue economy continues to grow, chapters: energy needs will continue to rise. At the same time, as new energy innovations In chapter one, we briefly outline the emerge the potential of the blue economy central sectors of the blue economy—both to create both sustainable value and jobs emerging and established—and identify can be realised through the expansion and the main energy consumers. The ocean transformation of existing markets as well as economy is an important part of both the the creation of new ones. US and global economy: maritime transport is the largest consumer of energy in the In this report The Economist Intelligence Unit blue economy and a large contributor to examines the past, present and future of global CO2 emissions. As such, the sector energy innovation within the blue economy. is now pushing towards cleaner energy We look at the energy needs of different usage. Maritime tourism is the largest ocean economy sectors to see where ocean-based industry in terms of GDP demand exists and may be growing. We contribution and employment in the US assess groundbreaking energy innovations and is a major consumer of energy. Ship to date—the sail-to-steam transition, and boat building and the offshore oil and improved energy storage mechanisms and gas industries are also major consumers of the development of offshore wind—to better energy within the US. Within all of these understand their initial and ongoing effects sectors, including fishing and aquaculture on blue economy markets. We use insights and ocean observation and navigation, gleaned from these case studies alongside in- marine energy presents opportunities for depth interviews with blue economy, energy renewable, in-situ or local power generation innovation and marine energy experts to that could help pave the way towards the determine the central elements needed blue economy of the future. to create an enabling environment for innovation within the ocean economy. “The blue economy differs from the This report provides valuable insights for all market economy. It’s not going to be the stakeholders working to develop new, clean solutions to serve the growing energy needs same; it cannot be the same. We have of the blue economy, particularly marine been dependent on the oceans to protect energy technologies. The report sheds light us from climate change and we cannot do on enabling factors that can accelerate that anymore. We have to give back.” energy innovation for the blue economy and unlock the promise of marine energy. Claire Mack, Scottish Renewables © The Economist Group Limited 2020 Accelerating Energy Innovation for the Blue Economy 7 In chapter two, we examine the sail- to-steam transition. Steamships were Defining the blue economy: central to a revolution in global trade and migration in the late 1800s and early As the Economist Intelligence Unit has 1900s. Nearly a hundred years passed noted in the past, the blue economy between the first voyage of a commercial remains hard to define. Is the notion of steamship in 1807 and the completion of a blue economy only concerned with the transition from sailboats to steamships. minimising harm or should its goal be to Settling on the paddlewheel as a propulsion actively restore the health of the ocean? system facilitated the earliest commercial
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