Bank of America equity strategist Haim Israel recently told clients by 2030, Europe will generate about 85% of its electricity from renewable sources. Solar and wind have stolen the spotlight in the green energy transition. But there's one Scottish company called Orbital Marine Power (OMP) that is creating a lot of buzz in tidal turbines.
OMP has designed the world's most powerful Tidal Turbine, called Orbital O2, measuring 236ft-long and weighing 680 tons. The tidal turbine was assembled at the port of Dundee in the United Kingdom over the last 18 months.
Orbital O2 has been towed to the Orkney Islands, where it will undergo commissioning before being connected to the European Marine Energy Centre (EMEC). The 2MW tidal turbine will produce enough electricity to power more than 2,000 homes.
Tidal turbines are essentially an underwater version of wind turbines, operating the same way. Instead of wind turning the turbine, the propellers turn with tidal shifts and generate power.
Here's how it works:
As climate transition to a low-carbon economy heats up, Israel provides BofA clients with a chart explaining net-zero emissions targets for the US, China, and Europe. So far, the US doesn't have specific data, but China is around 2060, and Europe is 2050.
Countries worldwide are racing to deploy renewable energy, such as hydrogen, wind, solar, battery, nuclear, and now tidal.
... and how attainable are the net-zero targets really?
Well, as Europe admits, it can't go net-zero without natural gas...