Five fundamental building blocks to grow the global offshore wind market

Published onDecember 10, 2020

A new report released by the Ocean Renewable Energy Action Coalition (OREAC) highlights the five fundamental building blocks to expand the global offshore wind energy market. The blocks highlighted in the Power of Our Ocean include:  stable policies, pipeline visibility, resourced institutions, a supportive and engaged public, and a competitive environment. The report states that up to 1,400GW of offshore wind energy capacity is achievable by 2050 if governments accelerate their commitments to renewables. 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. The report has been published 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).