The Ocean Renewable Energy Action Coalition (OREAC) announced its vision for 1,400 GW of offshore wind globally by 2050 on World Ocean Day.
OREAC, formed in response to the 2019 call for ocean-based climate action by the High Level Panel for a Sustainable Ocean Economy (Ocean Panel), is spearheaded by Orsted and Equinor.
It 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.
Ocean-based renewable energy, such as offshore wind, floating solar, tidal and wave power, could meet nearly 10 percent of the annual greenhouse gas emissions reductions needed to remain on a Paris-compliant 1.5°C pathway in 2050, a report commissioned by the Ocean Panel shows.
It estimates that up to 85 percent 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.
OREAC estimates offshore wind could provide around 24 million years of employment by 2050, if the 1,400 GW vision is achieved. This job creation potential is calculated using IRENA data, and covers the full value chain of offshore wind, from procurement to construction to decommissioning.
Later this year, OREAC will launch its roadmap for 2050, which will outline the actions needed to support industry and policymakers in achieving the 1,400 GW vision. This report will serve as an important guiding document for industry.