The Ocean Renewable Energy Action Coalition (OREAC) is calling on governments to ramp up their offshore renewable energy ambition to achieve the coalition’s vision of 1400 GW of offshore wind by 2050. To support the rapid, global scale-up of ocean-based clean energy, OREAC has published ‘The Power of Our Ocean’ as a guiding document for countries to accelerate offshore wind development and reap the socioeconomic, environmental and health benefits it can offer.
OREAC is an initiative led by world-leading developers, technology suppliers, utilities and non-profit organisations in the offshore energy sector, formed after the 2019 call for urgent ocean-based climate action by the High Level Panel for a Sustainable Ocean Economy (Ocean Panel). OREAC has published this new report and an Offshore Wind Market Readiness Assessment Toolkit, and is engaging with governments worldwide to support their offshore wind development.
In its new report, OREAC outlines a roadmap to support the sustainable scale-up of ocean-based renewable energy and five fundamental building blocks to grow an offshore wind market: stable policies, pipeline visibility, resourced institutions, a supportive and engaged public, and a competitive environment.
In addition to reducing carbon emissions, offshore wind reduces air pollution and water consumption for energy use, providing compound value for investment in welfare and economic gains. The report finds that if the 1,400 GW vision is achieved, this could save $1.88 trillion in pollution-related public health costs – an area currently strained by the COVID-19 pandemic.
Offshore wind is also an important industry to revitalise coastal communities and support the development of critical infrastructure. The report estimates that a 500 MW offshore wind project with an average 25-year lifetime creates about 10,000 years of full-time employment
Stephen Bull, Senior Vice President Offshore wind at Equinor, added: “While 1,400 GW may seem like a daunting number compared to the 29 GW of offshore wind installed today, this is only a small fraction of the technical potential available worldwide. We want to ensure that governments around the world are well-equipped to effectively tap into this resource potential”.
The full report is authored by BVG Associates and contains data, case studies, and guidelines to achieve OREAC’s vision of 1,400 GW of offshore wind by 2050. OREAC will continue engaging with governments to realise their ocean energy potential in the run-up to the UN Ocean Conference next year.