Performance of Offshore Renewable Energy (ORE) Firms: An International Perspective

In their quest to promote renewable energy, governments often partner with industry and finance key stakeholders. This is particularly true when it comes to developing ocean resources, whether it be tidal or offshore wind energy. In such a challenging environment, it is of important therefore to understand how these different actors can best cooperate to promote sustainable ocean governance. Drawing on data from early 2000s, this paper examines how ocean energy development, subsequently referred to as offshore renewable energy (ORE) has been performing both nationally and internationally over time. It then analyzes the role of public support in the industry across countries, both theoretically and in practice. Factors, such as policies (in particular public funding in the shape of subsidies), both corporate and government Research and Development (R&D), environmental goals and policies that have played a positive role in the promotion of the industry, are then examined, and remaining challenges facing the ORE industry are outlined.