There is an immediate need to apply green energy technologies in general, and wave energy technologies in particular, due to several important reasons, the first of which is the severe shortage of electricity around the world.
According to Professor Dilip Ahuja and Consultant MarikaTatsutani, overall, at least 1.6 billion people — one-fourth of the world’s population — currently live without electricity. although it has been estimated that developing countries were spending as much as $40 to $60 billion annually on electricity systems by the end of the 20th century (G8, RETF, 2001), approximately 40 percent of the population in these countries remained without access to electricity. This means that the number of people throughout the world who had no access to electricity has hardly changed in absolute terms since 1970 (UNDP, 2000, p. 374)
The second and most pressing reason for the implementation of green energy technologies for many oil-importing countries is economic. A rapid rise in world oil prices has led to a steep and, for some countries, increasingly unmanageable increase of their import bill for energy commodities. For example, the value of India’s oil imports increased by more than 20 percent in a single year, from $33 billion in 2006 to an estimated $40 billion in 2007. Oil prices have continued to rise substantially since 2005, adding further to this financial burden.
A Third, important energy-related challenge is environmental. Energy use in many countries is a significant and immediate cause of high levels of air pollution and other forms of environmental degradation. Energy-related emissions from power plants are largely responsible—especially in major cities—for levels of ambient air pollution. In both urban and rural areas, indoor air pollution caused by the use of traditional fuels exposes billions of people, especially women and children, to significant cardiovascular and respiratory health risks. In many cases, adverse environmental impacts begin well upstream of the point of energy end-use. The extraction of commercial fuels like coal and oil is often highly damaging to local ecosystems and becomes an immediate cause of land and water pollution. 1
We believe that wave energy in general, and our technology in particular, is the fastest and most reliable solution to the above mentioned difficulties. The world Council estimates that the energy that can be harvested from the world’s oceans is equal to twice the amount of electricity that the world produces now. Such amount of clean, cost-efficient energy will certainly assist the World’s green and economic development.