A global offshore wind goal of 1,400GW by 2050 could save $1.88 trillion (£1.4 trillion) in pollution-related public health costs.
That’s according to Ocean Renewable Energy Action Coalition (OREAC)’s new report, which suggests the vision of 1,400GW of offshore wind by 2050 is achievable if governments work together with industry to set out stable policies and pipeline visibility.
The findings of the report show that 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, with the offshore wind holding potential of providing half of these reductions.
The research also estimates that a 500MW offshore wind project with an average 25-year lifetime creates about 10,000 years of full-time employment.
Benj Sykes, Head of Market Development, Consenting and External Affairs at Ørsted, commented: “If we are to have any chance of meeting Paris Climate Agreement targets for global warming, it is crucial that governments significantly scale-up their renewable energy ambitions.”
Stephen Bull, Senior Vice President Offshore wind at Equinor, added: “While 1,400GW may seem like a daunting number compared to the 29GW of offshore wind installed today, this is only a small fraction of the technical potential available worldwide. We want to ensure that governments around the world are well-equipped to effectively tap into this resource potential.”