Present and long-term market trends have led to renewable energy policy directives and renewable energy portfolio standards (RPS) in many of Canada’s provinces, and modeling studies estimate that ocean energy could provide 20 percent of Canada’s potential renewable energy supply over the next 40 years. While there is no clear indication of which technologies will prove to be the most efficient or cost-effective, Canadian research and academic communities are working to accelerate the commercial deployment of these technologies through partnering with developers to provide expertise and facilities. An emerging trend that offers further support for the ocean energy industry is the creation of partnerships between technology developers, manufacturing companies, utilities, and independent power producers.
Confidence in this emerging industry requires demonstration of technologies in real world settings, as well as a strong understanding of the power production and potential for job creation; as such, demonstration projects are a high priority in the near-term. Collaboration, information sharing and sector-wide solutions are also critical components to market acceleration, along with strong government leadership. A marine renewable energy roadmap that provides guidance on how to move forward and where to focus resources is needed to capitalize on the progress that has been made and position the industry for future growth.