“Around half of the world’s wave and tidal energy companies are today based in Europe”
In a world where energy is constantly being used and diminished, there comes a time where energy has to be sourced in a more environmentally friendly way. The EU has plans to pursue the young and growing ocean energy industry. The EU and its member states that they will fund 320 million euros towards the ocean energy industry in hopes of helping this industry succeed and flourish. If this plan works, the EU will provide a tenth of the bloc’s power by 2050. According to the EU’s environment commissioner, Karmenu Vella, “it is a comprehensive, inclusive and ambitious plan for building up ocean energy in Europe – from the initial R&D all the way to the industrial roll-out”. EU leaders are positive that this funding will be beneficial in the long run. Cornwall, England has made progress for this project already since Carnegie Wave Energy has stated that it had 9.6 million pounds of the EU ocean energy fund to use towards wave power. Given the current environmental state of England, this has been a push in the right direction. Currently, Europe is home to over half of the world’s wave and tidal energy companies. This new fund could help generate up to 635 billion euros by mid-century. With this push, companies have made the moves towards making ocean energy projects. DP Energy in Northern Ireland, has made claims that they are far into developing a 10MW tidal farm. They are hoping to reach 100MW. The decision made by the EU for advocating for ocean energy has provided a positive outlook on the future of our environment.