The Canada-based Newfoundland and Labrador Environmental Industry Association (NEIA) has invited local firms to consider the offshore wind industry as an avenue for business growth.
According to NEIA, the expected growth of the global offshore wind capacity by over 650% by 2030 will expand supply chains and bring billions of dollars worth of investment, which represent a real opportunity for local firms.
“It is clear, given the rapid expansion of this industry worldwide, that there are opportunities for our local firms to diversify their activities and the markets in which they are engaged,” Kieran Hanley, NEIA’s Executive Director, said.
The comments were triggered by an offshore wind energy workshop that NEIA organized with Marine Renewables Canada in St. John’s.
The province’s expertise providing ocean technologies and services in the offshore oil & gas sector positions local firms well to explore wind opportunities worldwide, Hanley said, adding that NEIA will be working to help the companies identify and pursue those opportunities.
The workshop also focused on the prospect of offshore wind energy development in Newfoundland and Labrador, possible export markets, and current federal supports available to help foster the emergence of the industry.
“Natural Resources Canada has an enormous funding program call open right now that would apply to offshore wind energy developments,” said Hanley.
“Considering the economic development potential associated with a large industry like this one, it is important and prudent to have an open and informed discussion on the possibilities for wind energy development off the shores of our province.”
According to NEIA, being a first-mover in the region means the expertise can later be exported as the industry grows in North America.