Marine Renewable Energy and Economic Sustainability: Policy Frameworks for Scaling Offshore Wind and Tidal Power

Abstract

This study investigates the policy frameworks necessary for scaling marine renewable energy (MRE), specifically offshore wind and tidal power, within the context of economic sustainability. The objective is to critically examine how current policies support or hinder the expansion of MRE and to propose strategic frameworks that align environmental goals with long-term economic development. Drawing on a qualitative, comparative case study methodology, the research analyzes policy instruments and institutional arrangements in selected leading MRE countries, including the United Kingdom, South Korea, and Canada. Data sources include government policy documents, international energy databases, and expert interviews. The paper uses two theoretically related to each other concepts: ecological economics, which breaks down the interdependence between economic systems and natural ecosystems, and the policy cycle model and helps to assess the success of policy-making and its application. The value of this study is that it helps to support the filling of policy/governance gaps that inhibit the wider uptake of marine renewables. The conclusion shows that there is a need to have integrated, adaptive, and inclusive policy processes that enhance innovation by minimizing the risks associated with investments as well as equitable distribution of benefits among coastal environments. This paper provides policy recommendations that can be used to scale MRE technologies as it promotes sustainable economic results and extends on the expanding data on the policies of energy transition and blue economies.