The Ocean Renewable Energy Action Coalition (OREAC) has announced its vision for 1,400GW of offshore wind globally by. 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.
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% 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.
OREAC 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 1,400 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.
OREAC is spearheaded by Ørsted and Equinor, and includes other 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.