OREAC Launches 1.4 TW of Offshore Wind by 2050 Roadmap
The Ocean Renewable Energy Action Coalition (OREAC) is calling on governments to ramp up their offshore renewable energy ambitions to achieve the coalition’s vision of 1,400 GW of offshore wind by 2050.
To support the rapid, global scale-up of ocean-based clean energy, OREAC published The Power of Our Ocean report, as well as the Offshore Wind Market Readiness Assessment Toolkit, as guiding documents for countries to accelerate offshore wind development.
The report, delivered by BVG Associates, highlights the need for collaboration between industry, government and key stakeholders to ensure sustainable deployment of offshore wind and other forms of ocean-based renewable energy.
It outlines a roadmap and five fundamental building blocks to grow the offshore wind market, including stable policies, pipeline visibility, resourced institutions, a supportive and engaged public, and a competitive environment.
The coalition plans to continue engaging with governments to realize their ocean energy potential in the run-up to the UN Ocean Conference next year.
“If we are to have any chance of meeting Paris Climate Agreement targets for global warming, it is crucial that governments significantly scale-up their renewable energy ambitions,” said Benj Sykes, Head of Market Development, Consenting and External Affairs at Ørsted.
“Offshore wind is one of the most effective large-scale technologies available that can reduce global carbon emissions and displace fossil fuels. And offshore wind can only reach its full potential with the committed and wide-ranging support of governments.”
OREAC was formed in response to the 2019 call for ocean-based climate action by the High Level Panel for a Sustainable Ocean Economy (Ocean Panel), and represents ocean energy in the global dialogue on a sustainable ocean economy.
It is spearheaded by Ørsted and Equinor, and includes other major players in the industry, such as CWind, Global Marine Group, JERA, MHI Vestas, MingYang Smart Energy, Mainstream Renewable Power, Shell, Siemens Gamesa, TenneT, and GE Renewable Energy.