Offshore Ocean Energy

Global demand for energy continues to rise with prosperity in the emerging and developing economies particularly in China, India, Brazil, South Africa, Japan and Korea. At the same time, the severity of environmental degradation and climate change associated with conventional sources of energy in the form of increased CO2 emission, acidification in oceans, etc. is greatly acknowledged by the high-energy consuming nations. In the blue economy paradigm, the tolerance level for higher emissions will no longer be acceptable to the countries adopting it in their development models. Since demand for energy would remain high in the growing economies in the future, the reliance on alternative non-conventional renewable sources of energy would remain high. Oceans are a vast source of energy particularly for the renewable energy. As per an estimate, electricity generation from oceans could range from 20,000 terawatts to 80,000 terawatts per year which is equivalent to 100 to 400 per cent of the current global demand for energy. Further, sea can produce 250 billion barrels (oil equivalent) of energy every day. Ocean energy could be classified based on the different sources such as tides, tidal currents, solar, waves, salinity gradient and thermal gradient. Renewable offshore energy provides energy security, climate change mitigation and provides wider access to resources for energy production for a nation. In addition, it also provides job opportunities. The Indian Ocean Renewable Energy Ministerial Forum held in January 2014 launched several initiatives to explore renewable energy resources in the Indian Ocean region.