Marine Renewable Energy

Driving sustainable energy from Marine resources

Marine ecosystems are critical to the global carbon cycle, offering opportunities to reduce greenhouse gas (GHG) emissions, enhance carbon sinks, and build resilience against climate change. However, threats such as ocean acidification, rising temperatures, and extreme weather events endanger marine resources, making sustainable investments vital for both climate mitigation and adaptation. 
 

Economic importance and risks 

Marine-related industries, such as energy generation, fisheries, shipping, and tourism, collectively contribute over USD4tn annually to the global economy.  
 
 However, these industries face: 

• USD200bn in annual damages from mismanagement.
• USD322bn in avoidable costs annually by 2050, driven by climate change impacts.
   

Marine Renewable Energy potential 

Marine Renewable Energy has immense potential to accelerate the transition to a low-carbon economy: 

• Ocean Energy: 

In 2023, global ocean energy capacity reached 527 megawatts. While this represents a small fraction of renewable energy, it holds high potential in regions with strong tidal currents and waves. 

• Offshore Wind: 

By 2023, offshore wind capacity surpassed 60 gigawatts globally, with rapid growth in Europe, China, and the U.S. Floating offshore wind technologies are set to expand the sector further. 
 

Purpose of the Marine Renewable Energy Criteria 

The Marine Renewable Energy Criteria establish science-based standards to guide investments in marine energy projects. 

These Criteria ensure that projects: 

• Maintain transparency and disclosure.
• Minimise reliance on fossil fuel backup.
• Enhance the climate resilience of marine energy assets.
   

Eligible technologies 

The Criteria cover a range of marine energy technologies, including: 

• Offshore wind and solar facilities.
• Wave, tidal, ocean current, and salinity-driven energy systems.
• Ocean Thermal Energy Conversion (OTEC).
• Hybrids of these technologies and supporting infrastructure. 

The Criteria also emphasize resilience and adaptation measures for offshore infrastructure, ensuring alignment with the Paris Agreement’s 1.5°C target. 
 

Advancing sustainable Marine Energy 

By supporting the growth of marine renewable energy, these Criteria facilitate the generation of clean, reliable power while driving the transition to a sustainable, low-carbon future.