The global wave and tidal energy sectors have the potential to be able to provide a huge amount of renewable energy and could drastically aid in the goal of Net Zero.
The International Energy Agency’s Technology Collaboration Program on Ocean Energy Systems (IEA-OES) released a roadmap that outlines a comprehensive strategy to help drive the global development of ocean which outlines the potential for wave and tidal stream technologies to contribute 300GW of renewable energy generation capacity (specifically 120 GW of tidal and 180 GW of wave) by 2050 to global net zero targets and be worth a value of $340bn.
The tidal sector is considered more established and closer to commercialisation than the wave sector for now which is predominantly still in its testing and demonstration phase.
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