1.4 TW of Offshore Wind by 2050 – OREAC

On World Oceans Day, OREAC (Ocean Renewable Energy Action Coalition) outlines a vision for offshore wind to grow from 30GW today to 1,400 GW by 2050, enough to power 10 per cent of global electricity demand whilst reducing CO2 by 3 billion tonnes per year.

The coalition is led by Ørsted and Equinor, who are joined by global offshore wind leaders CWind, Global Marine Group, JERA, MHI Vestas, MingYang Smart Energy, Mainstream Renewable Power, Shell, Siemens Gamesa Renewable Energy, TenneT, and GE Renewable Energy. Partner organisations include Global Wind Energy Council, World Resources Institute, UN Global Compact, the Chinese Wind Energy Association, and Ocean Energy Systems.

OREAC intends to launch a roadmap later in 2020, outlining the steps needed to reach the 2050 vision.

As of now, these are the key points…

1,400 GW of offshore wind could power one-tenth of global electricity demand, save over 3 billion tonnes of CO2 annually, and create around 24 million years of employment (defined as full-time work for one person per calendar year) by 2050.

The offshore wind industry has grown by over 30 per cent in the last decade, with 30 GW of capacity installed today across the world. The sector’s success to date has been anchored in collaboration with policymakers and other ocean stakeholders to deliver good outcomes for all.

The plan underscores the need for a new normal following the Covid-19 crisis. Rather than returning to business as usual, we all have an opportunity to rebuild in a way that’s better than anything we’ve seen before.

Stephen Bull, Senior Vice President Offshore wind at Equinor, commented…

The ongoing COVID-19 crisis has forced us to take a step back and rethink the future we want to create for the next generation. Going back to ‘normal’ is not an option if we want to build more resilient economies and sustainable development pathways that will benefit all citizens. Offshore wind can promote better health by reducing air pollution, increase energy security by reducing dependence on expensive imported fuels, save billions of litres of water, reduce the harmful environmental, social and economic impacts of climate change, and be an important driver of economic growth and job creation. While this may seem too good to be true, the reality is that offshore wind is ready to deliver now. It can provide all these benefits and more to drive a sustainable economic recovery and contribute to thriving, sustainable economies of the future.

Benj Sykes, Head of Market Development, Consenting and External Affairs at Ørsted, noted…

In a short period of time, offshore wind has become an incredibly competitive solution for clean power generation across the world, with impressive cost reduction driving the industry’s growth by over 30 per cent in the past decade and now outcompeting alternative fuels such as coal. Over 30 GW of capacity is already installed, yet this is just the tip of the iceberg for the massive growth potential of offshore wind… The sector’s success to date has been built on collaboration with governments, and OREAC is ready to work with policymakers across the globe to deliver this potential and realise our clean energy future sooner than ever thought possible.

Source and further reading – Equinor
Image credit – Equinor

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