OREAC 1,400 GW of offshore wind by 2050 achievable with increased government commitment and collaboration
New report published by OREAC today sets out how governments and industry can work together to unlock the global potential of offshore wind.
- The Ocean Renewable Energy Action Coalition (OREAC)'s new report 'The Power of Our Ocean' highlights how 1,400 GW of offshore wind is achievable by 2050.
- OREAC outlines a roadmap to support the sustainable scale-up of ocean-based renewable energy, including five fundamental building blocks to maximise the socioeconomic, environmental and health benefits of offshore wind.
- The report 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.
- This report responds to the High Level Panel for a Sustainable Ocean Economy's (Ocean Panel) 'Transformations for a Sustainable Ocean Economy', a far-reaching political document which underscores the importance of offshore energy in developing a sustainable ocean economy.
LONDON, Dec. 2, 2020 /PRNewswire/ -- The Ocean Renewable Energy Action Coalition (OREAC) is calling on governments to ramp up their offshore renewable energy ambition 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 has published 'The Power of Our Ocean' as a guiding document for countries to accelerate offshore wind development and reap the socioeconomic, environmental and health benefits it can offer.
OREAC is an initiative led by world-leading developers, technology suppliers, utilities and non-profit organisations in the offshore 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 published this new report and an Offshore Wind Market Readiness Assessment Toolkit, and is engaging with governments worldwide to support their offshore wind development.
In its new report, OREAC outlines a roadmap to support the sustainable scale-up of ocean-based renewable energy and five fundamental building blocks to grow an offshore wind market: stable policies, pipeline visibility, resourced institutions, a supportive and engaged public, and a competitive environment.
Ocean-based solutions can deliver 21% of carbon emissions reductions needed by 2050 to keep global warming within 1.5°C above pre-industrial levels, according to the Ocean Panel. Ocean-based renewable energy like offshore wind offers the most effective decarbonisation route and can provide half of these reductions; other forms of ocean energy can also play a part if brought to commercialisation.