Global Offshore Wind Accelerator Launched by Ocean Energy Pathway at COP28

Dollar in Green Business

Ocean Energy Pathway (OEP) announced its inception at COP28 as a pioneering non-profit organization aimed at expediting the global transition to clean energy through the utilization of offshore wind power.

Supported by the Ocean Resilience and Climate Alliance (ORCA), a collaborative fund exceeding $250 million USD, OEP stands as a flagship initiative committed to advancing ocean-based solutions to combat climate change.

Offshore wind energy emerges as a pivotal element in addressing the call from over 120 nations at COP28 to triple renewable energy capacity. Its significance extends beyond clean energy production, offering a pathway to economic growth and heightened energy security. Notably, it presents nations with the opportunity to establish robust clean energy industries, effectively reducing dependency on fossil fuels.

The International Renewable Energy Agency (IRENA) forecasts a requisite 2,000 gigawatts of offshore wind by 2050 for global net-zero emissions. However, existing barriers, including policy, regulatory hurdles, and supply chain limitations, impede the full realization of this technology’s potential. An imperative for sustainable growth lies in concurrently fostering job creation, prosperity, and the preservation of ocean ecosystems.

Ocean Energy Pathway, bolstered by support from the global wind industry and climate philanthropy, aims to expedite offshore wind development across ten high-potential markets, including India, Brazil, Colombia, and South Africa. Through a collaborative model, OEP plans to offer technical support and advisory services to governments while forming coalitions and advocating with local and global civil society partners. These tailored efforts seek to establish conducive conditions for offshore wind proliferation in each nation.

Rt. Hon. Claire O’Neill, Former UK Minister of Energy and Clean Growth, emphasized the practicality of transitions facilitated by organizations like OEP, citing the need for strategic collaboration between industry, policymakers, and citizens.

Ben Backwell, Chief Executive Officer of GWEC, highlighted the necessity for cooperation among various stakeholders to swiftly deploy substantial renewable energy capacity, positioning OEP’s role as crucial in achieving global net-zero goals.

Charles Ogilvie, Executive Director of OEP, emphasized the importance of offshore wind projects benefitting communities and ecosystems for sustainable outcomes.

Rebecca Williams, GWEC Global Head of Offshore Wind, underscored the pivotal role of offshore wind in shaping future prosperity and the significance of seizing the current opportunity.