1400 GW of Offshore Wind Energy Predicted by 2050 by OREAC

OREAC has a vision for 1400 GW of offshore wind capacity globally by 2050 to drive decarbonisation and a green economic recovery from the COVID-19 crisis.

The Ocean Renewable Energy Action Coalition (OREAC), on the occasion of World Ocean Day on June 8, 2020, has announced its vision for 1400 GW of offshore wind capacity globally by 2050 to drive decarbonisation and a green economic recovery from the COVID-19 crisis. 

The 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 leaders working with diverse stakeholders to accelerate bold, pragmatic solutions for realising a sustainable ocean economy. It 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 organisations include Global Wind Energy Council (GWEC), World Resources Institute, UN Global Compact, the Chinese Wind Energy Association and Ocean Energy Systems.

The panel believes that the ambition for 1400 GW capacity 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 centre of the global energy transition.

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 decarbonisation 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.

Benj Sykes, Head of Market Development, Consenting and External Affairs at Ørsted, commented: “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 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. 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 realise our clean energy future sooner than ever thought possible”.

Scaling up offshore wind is a cornerstone of decarbonising the world’s energy use and will support the revitalisation of economies, which is more important than ever in the context of economic recovery from the COVID-19 crisis.

OREAC also detailed that per its estimates, 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.

Later this year, the coalition 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 decarbonise our energy systems while contributing to the prosperous coexistence of ocean energy projects with other ocean uses and maintaining the integrity of the marine environment.