Offshore wind offers 1.4TW by 2050, says industry coalition

The offshore wind industry could provide up to 1.4TW of renewable energy capacity by 2050, according to the Ocean Renewable Energy Action Coalition (OREAC).

OREAC, which includes major players in the offshore wind sector such as Ørsted and Equinor, said the figure is possible given the resource potential and technological innovation taking place in the space, and as governments look to position offshore wind at the centre of the global energy transition.

The new organisation 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 1.4TW vision is achieved.

“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% in the past decade and now outcompeting alternative fuels such as coal,” said Ørsted head of market development, consenting and external Affairs Benj Sykes.

“Over 30GW of capacity is already installed, yet this is just the tip of the iceberg for the massive growth potential of offshore wind.”

OREAC was created in response to the 2019 call for ocean-based climate action by the High Level Panel for a Sustainable Ocean Economy, and represents ocean energy in the global dialogue on a sustainable ocean economy.

Other companies involved include CWind, MHI Vestas, MingYang Smart Energy, Shell, Siemens Gamesa, TenneT, and GE Renewable Energy, while additional partner organisations include Global Wind Energy Council, World Resources Institute and UN Global Compact.