Mainstream Renewable Power has announced the publication by London’s Centre for Economics and Business Research (Cebr) of a new report into the economic impact of the UK’s offshore wind sector out to 2030.
Two years ago, the Offshore Valuation Group measured the value of the UK’s offshore renewable energy resource and concluded that, by 2050 – by harnessing less than a third of that resource - the UK could generate the electricity equivalent of 1 billion barrels of oil a year, reduce its CO2 emissions by 1 billion tonnes and create over 145,000 new jobs. This new June 2012 Cebr/MRP report builds on that work by exploring the impact of planned investment in offshore wind electricity generating capacity in the UK. It concludes that that investment can be expected:
Two years ago, the Offshore Valuation Group measured the value of the UK’s offshore renewable energy resource and concluded that, by 2050 – by harnessing less than a third of that resource - the UK could generate the electricity equivalent of 1 billion barrels of oil a year, reduce its CO2 emissions by 1 billion tonnes and create over 145,000 new jobs. This new June 2012 Cebr/MRP report builds on that work by exploring the impact of planned investment in offshore wind electricity generating capacity in the UK. It concludes that that investment can be expected:
- By 2015 to increase UK GDP by 0.2%, and create over 45,000 full time jobs
- By 2020, to double that GDP contribution to 0.4%, and the number of people employed to over 97,000
- By 2030 to triple that GDP contribution to 0.6%, and sustain 173,000 jobs. These benefits will accrue from pursuing current build out rates of offshore wind. A more aggressive, but achievable, approach could see an annual 1% uplift to GDP, and the creation of up to 215,000 jobs, and in addition, the sector could deliver an increase in net exports of GBP 22.5 billion