Accelerating Energy Innovation for the Blue Economy
The Economist Intelligence Unit has examined the past, present and future of energy innovation within the blue economy, looking at the energy needs of different ocean economy sectors, assessing ground-breaking innovations and outlining an enabling environment for energy innovation within the blue economy. Periscope partner EMEC provided insight for the report
As the blue economy continues to grow, energy needs will continue to rise. At the same time, as new energy innovations emerge the potential of the blue economy to create both sustainable value and jobs can be realised through the expansion and transformation of existing markets as well as the creation of new ones.
Accelerating Energy Innovation for the Blue Economy looks at what is needed to create an enabling environment for innovation within the ocean economy. Insights have been gleaned from three case studies alongside in-depth interviews with blue economy, energy innovation and marine energy experts, including Periscope partner EMEC, to determine the central elements needed to create an enabling environment for innovation within the ocean economy.
Eight enabling factors have been identified, which can accelerate energy innovation for the blue economy and unlock the promise of marine energy:
1) Marinisation, technology transfer, and collaboration
2) Policy support
3) Financing environment
4) Enabling and complementary technologies;
5) Public awareness, attitudes, and social acceptance
6) Pathway markets, competition, and economies of scale
7) Testing, standards and certification
8) Complementary infrastructure
The study also underlines that the innovation in the blue economy can only thrive if there are a concerted effort and collaboration among stakeholders from all corners.