To support the rapid global expansion of ocean-based clean energy, Ocean Renewable Energy Action Coalition (OREAC) has published “The Power of Our Ocean” as a guiding document for countries to accelerate the development of offshore wind energy and reap the socio-economic, environmental and health benefits. you can offer.
OREAC is an initiative led by the world’s leading developers, technology providers, utilities, and non-profit organizations in the marine 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 released this new report and an Offshore Wind Market Readiness Assessment Toolkit, and is collaborating with governments around the world to support their offshore wind development.
In its new report, OREAC outlines a roadmap to support the sustainable scaling up of ocean-based renewable energy and five fundamental pillars for growing an offshore wind market: stable policies, pipeline visibility, well-resourced institutions, an audience supportive and committed, and a competitive environment.
Ocean-based solutions can deliver 21% of the carbon emission reductions needed by 2050 to keep global warming within 1.5 ° C above pre-industrial levels, according to the Ocean Panel. Oceanic renewable energy, such as offshore wind, offers the most efficient decarbonization pathway and can provide half of these reductions; other forms of ocean energy may also play a role if they are traded.
In addition to reducing carbon emissions, offshore wind energy reduces air pollution and water consumption for energy use, providing a composite value for investment in well-being and economic benefits. 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 affected by the COVID-19 pandemic.
Offshore wind is also an important industry for revitalizing coastal communities and supporting critical infrastructure development. The report estimates that a 500 MW offshore wind project with an average life span of 25 years creates around 10,000 years of full-time employment.
Benj Sykes, Head of Market Development, Consent and External Affairs at Ørsted, commented: “If we are to have any chance of meeting the Paris Climate Agreement targets for global warming, it is crucial that governments significantly increase their renewable energy ambitions. . Offshore wind energy 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 commitment and broad support of governments. This new report highlights the building blocks needed to develop government and industry partnerships and accelerate the sustainable deployment of ocean renewable energy around the world. “
Stephen Bull, Senior Vice President, Offshore Wind at Equinor added: “While 1,400 GW may seem like a daunting figure compared to the 29 GW of offshore wind installed today, this is only a small fraction of the technical potential available in all the world. We want to ensure that governments around the world are well equipped to effectively harness this resource potential. Offshore wind has proven to be a major driver of jobs, local investment, affordable energy, grid stability and energy security in countries around the world, but repeating the success story of offshore wind in new markets is not ” copy and paste”. OREAC and its members are ready to work with governments to help find the right solutions and roadmaps to expand their offshore wind markets and reap the associated social, environmental and economic benefits. “
This report was published in response to the Ocean Panel’s ‘Transformations for a Sustainable Ocean Economy’, a far-reaching policy document that underscores that bold action and greater collaboration are needed to develop a sustainable ocean economy, where environmental conservation and economic production and prosperity go hand in hand.
The full report is written by BVG Associates and contains data, case studies and guidelines to achieve OREAC’s vision of 1,400 GW of offshore wind power by 2050. OREAC will continue to collaborate with governments to realize their ocean power potential in the lead up to to the UN Ocean Conference next year.
About OREAC
OREAC was formed in response to the 2019 call for ocean-based climate action of the High-level Panel for a Sustainable Ocean Economy (Ocean Panel), and represents ocean energy in the global dialogue on a sustainable ocean economy. The Ocean Panel is a unique initiative of 14 global service leaders working with diverse stakeholders to accelerate bold and pragmatic solutions to achieve a sustainable ocean economy.