The Ministers responsible for the Integrated Maritime Policy of the European Union member states have on October 7th 2012 and have agreed among other things to promote renewable energy sources, RES, the Blue Economy and Blue Energy.
Blue economy is the economy created around the oceans and seas.
Blue energy is the name sometimes given to Ocean Energy and it is the name of a renewable energy source which uses the oceans to produce electricity. Ocean Energy has two forms: Tidal Energy and Wave energy.
The Limassol Declaration, as the declaration was named, includes among the 29 agreed points the following which are related to renewable energy sources:
Stress that the Europe 2020 strategy should be backed by a dynamic agenda for seas and oceans that supports the growth, competitiveness and job-creating potential towards a sustainable blue economy;
Contribute to the objectives of the EU 2020 Strategy with respect to carbon emissions and renewable energy, and create new employment opportunities by increasing marine renewable energy production and exploration, so as to strengthen the EU’s global leadership position;
Ensure the uninterrupted availability on the European market of energy and its associated services; without compromising the safety of people and the health of oceans and seas;
Foster the development of new technologies for the safe and sustainable harvesting of marine mineral deposits by developing further possibilities for the sustainable exploration and exploitation of raw materials for industry and green technologies
In general the Limassol directive identified the need for the Blue economy, an economy for smart, sustainable and inclusive growth.
This declaration is important as it identifies the need for investing on renewable green energy resources and specifically concentration on Ocean energy.