The OREAC, an initiative led by major players in the offshore wind industry, thinks that the offshore wind will be crucial in the economic recovery
Investing in renewable energy as the pillar for an economic recovery, one ambitous plan that, after the publication of the road map set by the “Next Generation UE”, looks closer for the industry, that has grown by over 30 per cent in the last decade, with 30 GW of capacity installed today across the world. This view is now shared by the Ocean Renewable Energy Action Coalition (OREAC), an initiative led by major players in the offshore wind industry that looks for the climate action by the investment in renewable sources.
By these means, the OREAC has revealed a report called “The Ocean as a Solution to Climate Change” that estimates that during the year 2050 the worl could reach 1,400 GW of offshore wind power (one-tenth of global electricity demand) that could avoid 3 billion tonnes of CO2 annualy, equal to taking 800 million cars off the road, creating 24 million years of employment (defined as full.time work for one person per calendar and year), and contribute to the economic recovery in terms of driving the decarbonisation of the world economy to another level. Furthermore, this report also claims that ocean-based renewable energy, such as offshore wind, floating solar, tidal and wave power, could meet nearly 10 per cent of the global annual greenhouse gas emissions reductions needed to remain on a Paris-compliant 1.5°C pathway in 2050
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. The Ocean Panel is a unique initiative of 14 serving world leaders working with diverse stakeholders to accelerate bold, pragmatic solutions for realising a sustainable ocean economy.
OREAC is spearheaded by Ørsted and Equinor, and 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.