1,400 GW of offshore wind is possible by 2050

On World Ocean Day, the Ocean Renewable Energy Action Coalition (OREAC) has announced its vision for 1,400 GW of offshore wind globally by 2050 to drive decarbonisation 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 centre of the global energy transition.

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.

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 organisations include Global Wind Energy Council, World Resources Institute, UN Global Compact, the Chinese Wind Energy Association and Ocean Energy Systems.

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 per cent 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, said, “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 per cent 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.”

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