COP28: $250m Global Offshore Wind Initiative fund launched.

By: Mark Casey 05/12/2023 GWEC

General Windfarms

Launched at COP28, Ocean Energy Pathway (OEP) is a new global non-profit that accelerates the global clean energy transition by unlocking the tremendous potential of offshore wind power.

Ocean Energy Pathway (OEP) is a flagship initiative supported by the newly announced Ocean Resilience and Climate Alliance (ORCA), a $250m funder collaborative focused on advancing ocean-based solutions to fight climate change.

Offshore wind represents a unique 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 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.

Claire O’Neill, Former UK Minister of Energy and Clean Growth, said: “Targets are great, but as we learned building the UK’s landmark Offshore Wind Sector deal, the transition will be delivered in practice by the kind of smart, patient and strategic work done by organisations like OEP that can work between industry, politicians and citizens to build support, developed shared strategies and invest at pace to unblock regulatory and investment barriers to accelerated deployment of clean technologies.”

Charles Ogilvie, Executive Director of OEP added: “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.”

For more information about offshore wind farm projects across the globe, click here.

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COP28: $250m Global Offshore Wind Initiative fund launched.

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