The Small Island Sustainable Energy and Climate Resilience Organization (SIDS DOCK), the United Nations Industrial Development Organization (UNIDO) and the Global Network of Regional Sustainable Energy Centres (GN-SEC) are partnering on the establishment of the Global Ocean Energy Alliance (GLOEA) in close cooperation with the private industry, Governments of Small Island Developing States (SIDS) and coastal developing countries.
The Global Ocean Energy Alliance (GLOEA) will particularly address the needs of Small Island Developing States (SIDS) and coastal developing countries to access ocean energy technology, finance and expertise. These countries have great potentials and the technology offers opportunities to spur their economic diversification efforts and aspirations towards a blue and green economy. Ocean energy is a promising tool to promote inclusive and sustainable industrial development in SIDS and coastal developing countries in the long-run.
The projections suggest that by 2030 the blue economy could more than double its contribution to global value added, reaching over USD 3 trillion, creating more than 40 million jobs. Ocean energy and cleantech are important growth areas, which can contribute to climate change mitigation and adaptation, unlock new income streams and provide public health and coastal protection benefits.
SIDS and coastal developing countries with their vast ocean territories and exclusive economic zones, can become one of the main beneficiaries of these technologies. The good news is, that a broad range of ocean energy technologies wait for industrial up-scale. The wider definition includes an array of renewable energy technologies using non-living marine resources or marine space. Additionally, it includes energy solutions tailored for blue industries, including fisheries, aquaculture, desalination, freshwater, biotechnology, ocean intelligence, shipping and port services.
The Global Ocean Energy Alliance (GLOEA) intends to build a bridge between the industry, which needs to test ocean energy systems in tropical climates and Governments of coastal developing nations, which have the interest to timely benefit from these solutions, as well as the emerging field of green and blue finance. Currently, the opportunities for interaction, partnerships and exchange among these actors is limited as many operate in silos. The GLOEA is an initiative focused on accelerating the development of ocean energy projects through partnerships that mobilize technical, human and financial resources and aims to establish a global community of vested interest with the capacity to develop a pipeline of bankable ocean energy projects to serve islands, cities and coastal nations.
The GOEA will be rolled out through a regional approach. Through the involvement of our Global Network of Regional Sustainable Energy Centers (GN-SEC) a network of focal points in SIDS and Africa will be established. Moreover, it is intended to build up a pipeline of bundled investment projects. The mobilization of risk capital for technology demonstrations will be an important role of the Alliance. Currently, the area of ocean energy does not get sufficient attention by international concessional climate finance. The Alliance will also focus on ocean energy technologies, which are of particular interest of SIDS and coastal African countries, such as Ocean Thermal Energy Conversion (OTEC). It is intended to develop regional OTEC portfolios particularly in the Caribbean, Pacific, West and Central Africa.
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