New $250m funder collaboration set to boost offshore wind power

0
14111
Ocean Energy Pathway is a funder collaborative focused on advancing ocean-based solutions to fight climate change. (Photo: Nicholas Doherty on Unsplash.)

Ocean Energy Pathway, a new global non-profit aimed at unlocking the potential of offshore wind power, has just been launched at COP28 in Dubai.

Ocean Energy Pathway, just launched at COP28 in Dubai, is a flagship initiative supported by the newly announced Ocean Resilience and Climate Alliance, a $250m+ funder collaborative focused on advancing ocean-based solutions to fight climate change.

Offshore wind has the potential to play a major role both in delivering the tripling of renewables called for so far by more than 120 countries at COP28 and also through driving economic growth and bolstering energy security. Offshore wind is seen as an opportunity for many countries to build a new clean energy industry and create a durable economic alternative to fossil fuel dependency.

To achieve net zero emissions globally, the International Renewable Energy Agency (IRENA) forecasts the need for 2,000 gigawatts of offshore wind by 2050. However, policy, regulatory and supply chain barriers are constraining the immense potential of this technology. A sustainable scale-up means delivering jobs and prosperity alongside enhanced ocean ecosystems.

Through support from the global wind industry and climate philanthropy, Ocean Energy Pathway (www.oceanenergypathway.org)  will accelerate offshore wind development over the next decade in at least ten markets with significant wind resources at the frontier of the energy transition, including India, Brazil, Colombia and South Africa.

Built on multi-stakeholder collaboration in each country, OEP delivers programmes through a two-pronged approach – providing technical assistance and advisory services to governments and coalition-building and advocacy with local and global civil society partners. These efforts create investable conditions tailored to each country’s unique circumstances, ensuring that offshore wind can thrive.

Ben Backwell, chief executive officer of the Global Wind Energy Council (GWEC), said: “Offshore wind will deliver transformational change in every region of the world. To do this, collaboration and cooperation must be at the centre of a laser-focused effort to deploy hundreds of gigawatts of clean renewable energy in a relatively short time frame.

“To achieve this vision, industry and government must work hand-in-glove with local communities at the heart of this new energy system. Ocean Energy Pathway’s work bringing these various stakeholders together will be crucial in the world staying on course to achieve its net zero goals. We’re very proud of GWEC’s foundational role and leadership in establishing this new initiative.”

Charles Ogilvie, executive director of Ocean Energy Pathway, said: “Offshore wind will provide the scale green electrons to power the green industries of the future, but projects must deliver for communities and ecosystems to be truly sustainable. OEP is a partner and resource for all stakeholders trying to accelerate this vital piece of the global transition to a clean economy.”

Rebecca Williams, GWEC Global Head of Offshore Wind: “Offshore wind is the opportunity of a generation and we cannot let it pass us by. Our future prosperity depends upon seizing this moment. Countries across the world are turning to offshore wind to power their growing economies. Ocean Energy Pathway will help them realise their ambitions.”