The governance of wave and tidal stream technologies can be designed to protect the environment and other users of the waters. It can also help to de-risk companies’ investments in wave and tidal stream energy conversion. The uncertainties and risks inherent in developing ocean energy are varied and substantial. While the costs and many of the risks are borne by private industry, many of the benefits are societal and environmental. As such, it is logical for governments to help innovative companies overcome financial barriers to help meet renewable energy targets, reduce greenhouse gas emissions, and foster innovation, economic development and rural industrial diversification.