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Marine Renewable Energy

image of Marine Renewable Energy

This fourth volume in the series explores the potential for the development of the blue economy by providing a high-level review of actions needed to progress marine renewable energy generation in SIDS. Renewable energy is a key component of enabling sustainable development through the decarbonisation of economies and is being progressed in nations globally. Whereas onshore technologies (e.g. solar and wind) are achieving commercial success, most marine technologies remain in the early phases of development.

Successful MRE deployment is dependent on critical factors such as available energy resource, indigenous skills (including institutional capacity and skilled labour), supportive policy and effective regulatory frameworks. The recommendations made in this book provide a guide for action, emphasising the need for integration at national level, between sectors and policies, and for co-ordination between targeted local studies and collaborative global action.

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Enabling Conditions and Key Challenges

A critical enabler of innovation and development in the MRE sector globally is the availability and effective use of capital finance. Onshore renewable energy technologies are increasingly cost-competitive: onshore wind is the cheapest form of new power generation capacity in Europe, Australia and Brazil, and project costs will continue to decrease, by an average of 32 per cent for wind and 47 per cent for solar by 2040 (Bloomberg, 2015).

English

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