Ocean Energy Europe backs push for 45% renewables target and greater energy diversity

Ocean Energy Europe has welcomed the political initiative for raising renewable energy share target in the revised EU Renewable Energy Directive (RED III) to 45% that would also include more diverse energy sources.

The European Parliament’s EPP Group and directive’s rapporteur Markus Pieper MEP are calling for more ambitious targets for renewable energy in Europe.

Summarized in a report, Pieper has introduced an incentive for governments to invest in innovative renewable energy technologies, such as ocean energy, via a new sub-target.

Ocean Energy Europe has applauded the announcement, and called on MEPs and European Union member states to adopt these new targets in their entirety in order to give Europe greater energy independence and accelerate decarbonization, the industry association informed.

At least 5% of Europe’s new renewable energy capacity should come from innovative renewable energy sources between 2025 and 2035, according to the report.

This single action, the Pieper report continues, will ‘safeguard Europe’s industrial competitiveness’ in renewables and make a vital contribution towards reaching climate neutrality by 2050.

The current situation in Ukraine, and the energy crisis of the past few months have made obvious the need to diversify Europe’s energy mix, Ocean Energy Europe said.

New market-pull mechanisms for the next generation of renewables will enable Europe to replicate the global market domination witnessed in offshore wind, according to Ocean Energy Europe.

According to the report, technologies such as ocean energy, geothermal, floating wind and next-generation solar will accelerate and secure the decarbonization of Europe’s power supply; balance the grid with a very high penetration of variable generation; create high-value jobs and contribute to Europe’s technological and industrial leadership in the green economy.

Rémi Gruet, CEO of Ocean Energy Europe, said: “Now is the time to act. Quickly ramping up and diversifying our renewable energy portfolio will enable Europe to end its dependency on fossil gas and lower energy bills. I strongly encourage policy makers to adopt both a minimum 45% renewable energy share (RES) target and the innovative RES objective.”