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Growing the UK’s supply chain for offshore wind represents a £92 billion opportunity to boost the UK’s economy by 2040, according to a report by the Offshore Wind Industry Council (OWIC) and the Offshore Wind Growth Partnership (OWGP).
The report, entitled ‘Supply Chain Capability Analysis’ outlines key measures that industry and government can take to strengthen the UK’s offshore wind supply chain, and in doing so maximise socioeconomic benefits that offshore wind growth can bring to the UK.
The analysis finds that targeted intervention in the UK supply chain has the potential to bring £92 billion of GVA into the economy. While the UK has had notable success stories and received significant investment from developers and government, the analysis recognises more could be done to keep the UK’s supply chain resilient – with UK suppliers competing with those of other countries for vital contracts, and the jobs and opportunities they bring.
The analysis outlines some key areas of advantage for the UK supply chain, as well as areas for potential improvement. Among the report’s key recommendations are to take a systemic view of the supply chain, prioritising long-term economic value creation in areas where the UK could build globally competitive industrial capacity.