Ocean Energy Sector News

Even though the struggle for independence from Britain finally resulted in Ireland being declared “a sovereign, independent, democratic state” in 1937 there was little interest being shown in the maritime affairs of the country. This, despite Ireland being seen as having opportunities to derive added value from its vast marine resources. Up until a few years ago, sporadic endeavors failed to achieve optimum economic benefits. Ireland’s ambition to create a maritime cluster gathered momentum only during the last few years. It began with the introduction of the tonnage tax regime in 2003. This made Ireland an attractive destination for shipping. The immediate effect was that it reversed the trend of Irish shipping companies flagging out to foreign registries.

'Wave & Tidal Energy Analysis to 2030 for US, Canada, the UK, Portugal, Australia and Republic of Korea (South Korea)' report issued. Governments are embracing marine power as they attempt to combat climate change & an increasing dependence on fossil fuel and the UK has huge potential for marine power and is considered the most attractive destination to develop marine projects in Europe. Development in the ocean energy sector could significantly reduce greenhouse gas emissions and pollution, create direct and indirect employment, and lead to the economic development of coastal areas. It shows that the marine energy industry is in the emerging stages of development, and the UK is home to the R&D resources needed to further develop these power generation technologies.