COP26 Side Event: Call To Action! for the launch of the Global Ocean Energy Alliance (GOEA)
The Small Island Sustainable Energy and Climate Resilience Organization (SIDS DOCK), UNIDO, and the Stimson Alliance for a Climate Resilient Earth (ACRE) are organizing the COP26 Side Event: Call To Action! for the Establishment of the Global Ocean Energy Alliance (GOEA) on Thursday, 11 November 2021, 17:30 to 19:00 (UK time) at: Wood House, Glasgow, Scotland, United Kingdom. The event will take place both physically and online.
The high-level event will be attended by several Prime Ministers and Ministers from Small Island Developing States (SIDS) and chief executives from international organizations and the marine energy industry. The event is organized under the auspices of the Global Network of Regional Sustainable Energy Centres (GN-SEC), which promotes SIDS-SIDS collaboration on innovative sustainable energy and climate programs of common interest. The GOEA virtual platform will be presented at the event, and an outlook on the way forward will be given.
The Global Ocean Energy Alliance (GOEA) will specifically address the needs of Small Island Developing States (SIDS) and coastal developing countries that require access to ocean energy technologies, finance, and expertise. These countries have great potential and technology to advance 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 term.
According to projections, the contribution of the blue economy to global value-added could more than double to over USD 3 trillion by 2030, creating more than 40 million jobs. Ocean energy and cleantech are essential growth areas that can mitigate climate change and adaptation, create new income streams and deliver public health and coastal protection benefits.
SIDS and coastal developing countries with their vast marine areas and exclusive economic zones can become one of the primary beneficiaries of these technologies. The good news is that a wide range of ocean energy technologies are waiting to be deployed on an industrial scale. The broader definition includes a range of renewable energy technologies that use non-living marine resources or ocean space. It also provides energy solutions tailored to blue industries, including fisheries, aquaculture, desalination, freshwater, biotechnology, marine research, shipping, and port services.
The Global Ocean Energy Alliance (GOEA) aims to bridge the gap between industry, which needs to test ocean energy systems in tropical climates, and governments of coastal developing countries interested in promptly benefiting from these solutions. Currently, interaction, partnerships, and exchange between these actors are limited, as many work in silos. The GOEA is an initiative focused on accelerating the development of ocean energy projects through partnerships that mobilize technical, human, and financial resources. It aims to create a global community capable of developing a pipeline of ocean energy projects for islands, cities, and coastal nations.
The GOEA is being launched through a regional approach. A network of focal points will be established through our Global Network of Regional Sustainable Energy Centres (GN-SEC) in SIDS and Africa. A pipeline of pooled investment projects will also be established. Mobilizing venture capital for technology demonstrations will be an important role of the Alliance. Currently, the ocean energy sector does not receive enough attention in international concessional climate finance. The Alliance will also focus on ocean energy technologies of particular interest to SIDS and African coastal countries, such as ocean thermal energy conversion (OTEC). The intention is to develop regional OTEC portfolios, particularly in the Caribbean, Pacific, West- and Central Africa.