On World Ocean Day, the Ocean Renewable Energy Action Coalition (OREAC) announced its vision for 1,400 GW of offshore wind globally by 2050 to drive decarbonization and a green economic recovery from the COVID-19 crisis.
This ambition goes beyond current offshore wind forecasts but is entirely achievable considering the resource potential, technology innovation, and government appetite to position offshore wind at the center of the global energy transition.
OREAC
The Ocean Panel is a unique initiative of 14 serving world pioneers working with diverse stakeholders
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.
The Ocean Panel is a unique initiative of 14 serving world pioneers working with diverse stakeholders to accelerate bold, pragmatic solutions for realizing a sustainable ocean economy.
offshore players
OREAC is spearheaded by Ørsted and Equinor and includes other major players in the global offshore wind industry: CWind, Global Marine Group, JERA, MHI Vestas, MingYang Smart Energy, Mainstream Renewable Power, Shell, Siemens Gamesa Renewable Energy, TenneT, and GE Renewable Energy.
Additional partner organizations include the Global Wind Energy Council, the World Resources Institute, the UN Global Compact, the Chinese Wind Energy Association, and Ocean Energy Systems.
ocean-based renewable energy
1,400 GW of offshore wind would power one-tenth of global electricity demand while saving over 3 billion tonnes of CO2
A report commissioned by the Ocean Panel shows that ocean-based renewable energy, such as offshore wind, floating solar, tidal, and wave power, could meet nearly 10 percent of the global annual greenhouse gas emissions reductions needed to remain on a Paris-compliant 1.5°C pathway in 2050.
It estimates that up to 85 percent of this decarbonization potential will come from offshore wind. 1,400 GW of offshore wind would power one-tenth of global electricity demand while saving over 3 billion tonnes of CO2 per year, equal to taking 800 million cars off the road.
cost reduction
Benj Sykes, Head of Market Development, Consenting, and External Affairs at Ørsted, commented, “In a short period, 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 percent 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."
renewable hydrogen
"Working alongside other technologies such as renewable hydrogen could further bolster offshore wind’s ability to power economies across the world sustainably and at a low cost."
"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 realize our clean energy future sooner than ever thought possible.”
green recovery
Scaling up offshore wind is a cornerstone of decarbonizing the world’s energy use and will support the revitalization
Scaling up offshore wind is a cornerstone of decarbonizing the world’s energy use and will support the revitalization of economies, which is more important than ever in the context of economic recovery from the COVID-19 crisis.
The industry is ready to play an important role in powering a green recovery with ocean renewable energy at its heart.
job creation potential
OREAC estimates that offshore wind could provide around 24 million years of employment (defined as full-time work for one person per calendar year with 260 working days) by 2050 if the 1,400 GW vision is achieved.
This job creation potential is calculated using IRENA data, and covers the full value chain of offshore wind, from procurement to construction to decommissioning.
sustainable development
Stephen Bull, Senior Vice President of Offshore wind at Equinor, added, “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
"Offshore wind can promote better health by reducing air pollution, increase energy security by reducing dependence on expensive imported fuels, save billions of liters 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.”
roadmap for 2050
This report will serve as an important guiding document for industry, government, and other ocean stakeholders
Later in 2020, OREAC will launch its roadmap for 2050, which will outline the actions needed to support industry and policymakers in achieving the 1,400 GW vision.
This report will serve as an important guiding document for industry, government, and other ocean stakeholders to harness the power of ocean-based renewable energy to decarbonize energy systems while contributing to the prosperous coexistence of ocean energy projects with other ocean uses and maintaining the integrity of the marine environment.
socioeconomic benefits
The report is being delivered by BVG Associates.
The forthcoming report from OREAC will address offshore wind’s socioeconomic benefits and role in mitigating climate change; policy, infrastructure, and market frameworks that enable sector growth; safety considerations; environmental planning; the importance of colocation and coexistence with fisheries and other marine users; and other ocean-based renewable energy technologies.
