UK To Capture 10% of £170bn Offshore Market by 2050

Offshore wind is set to grow strongly in the UK, which will account for 10% of the global market by 2050, according to renewable energy non-profit Carbon Trust.

In a statement, the organisation, which is funded by the government and private business, said the offshore market would be worth £170bn in 39 years, employing 230,000 people in the UK. Roughly 80% of those jobs will come from exports.

Citing a Carbon Trust market study, the agency said offshore wind could generate as much as £10bn in economic activity each year – or £100bn cumulatively between 2010-50 to UK GDP.

UK output could make up 10% of global generation levels, which are set to rise to 1150 GW by 2050, the organization added. It said offshore wind farm operation and maintenance procedures, followed by turbine manufacture and installation, will provide the greatest economic contributions.

Carbon Trut’s director of innovations Benj Sykes said: “This analysis confirms that offshore wind is a strategically important economic asset for the UK that can deliver long term growth and energy security.”

“The economic prize for the UK economy is vast and we have to grab it now,” he added. “We are in an excellent position to be a global market leader.”

 

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Ivan Castano is a freelance journalist based in Miami. His work has appeared in Thomson Reuters’ International Finance Review (IFR), Dow Jones’ Financial News, Euromoney, Trade & Forfaiting Review and a range of trade publications covering the capital markets, private equity, loan, credit and restructuring markets. He is fully bilingual in Spanish and English having been raised in Ecuador, Colombia and Spain. Ivan has worked and lived in Los Angeles, New York, Madrid and London.

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