Wave energy harnesses the natural movement of water – waves, tides, and currents – to generate clean electricity, offering a vast and largely untapped resource for the world. Waves, formed by wind passing of the surface of the ocean, possess energy densities up to 5 to 10 times greater than wind and solar, offering a consistent and predictable energy source. Tidal energy, driven by gravitational forces, provides a highly consistent and predictable baseload power, reducing the need for extensive energy storage and reliance on fossil fuels like diesel. .
The World Bank defines the Blue Economy as “the sustainable use of ocean resources to promote economic growth, social inclusion, and the preservation or improvement of livelihoods, and jobs, whilst preserving the health of the ocean and coastal ecosystems. It encompasses all economic activities related to oceans, seas, and coasts, aiming for a balance between economic benefits and ocean health.
Investing in ocean energy conversion technologies globally can unlock substantial amounts of clean electricity and/or water, for diverse applications. These include powering coastal and island communities, electrification of ports, desalination, coastal-based data centres, charging stations for electric and vessels.
The potential for ocean energy to be a global leader in renewable energy is significant, particularly for island nations and coastal regions. Ocean energy stimulates economic growth through technological innovation, the creation of new industries, and skilled job opportunities. It can also contribute to sustainable practices, such as powering offshore aquaculture and reducing reliance on carbon-intensive energy for various maritime activities.
As the world accelerates towards a decarbonized future, ocean energy represents a massive and largely unexploited resource with the potential to play a crucial role in achieving global sustainability goals. Embracing ocean energy is a strategic imperative for nations seeking energy security, economic prosperity, and a healthier planet.
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