Launch of Global Offshore Wind Accelerator as a Flagship Initiative of $250+ Million Fund for Sustainable Oceans

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5 December 2023 Dubai | 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 $250 million+ USD funder collaborative focused on advancing ocean-based solutions to fight climate change. 

Offshore wind is an energy and climate solution, with 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 through driving economic growth and bolstering energy security. 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.

Built upon multi-stakeholder collaboration in each country, OEP delivers programs 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.

For more information, visit oceanenergypathway.org.

Rt. Hon. Claire O’Neill, Former UK Minister of Energy and Clean Growth: “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.”

Ben Backwell, Chief Executive Officer, GWEC: 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 OEP: “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.”

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About OEP

Ocean Energy Pathway is a global organisation that accelerates the clean energy transition by unlocking the immense resource of offshore wind power. Scaling offshore wind means meeting climate ambitions, enhancing ecosystems, strengthening energy security, and delivering transformative economic growth for local communities. OEP will  scale the development of offshore wind globally by 2030, helping to create at least ten new markets and contributing to the 2TW of installed offshore wind needed by 2050 to keep the world on track to 1.5 degrees of warming. OEP focuses on nature and communities to ensure sustainable growth, with technical assistance to government and coalition building with industry and civil society.

 

Incubated by the wind industry and supported by philanthropy, OEP is steadfastly independent in its mission. OEP is incorporated in the UK as a not-for-profit. 

Find us at: www.oceanenergypathway.org 

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About GWEC

GWEC is a member-based organisation that represents the entire wind energy sector. The members of GWEC represent over 1,500 companies, organisations and institutions in more than 80 countries, including manufacturers, developers, component suppliers, research institutes, national wind and renewables associations, electricity providers, finance and insurance companies. 

Find us at: https://gwec.net/.

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