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Industry calls for bold leadership on offshore wind investment

RenewableUK’s Chief Executive, Dan McGrail, has emphasised the critical need for leadership in offshore wind at the Global Offshore Wind 2024 conference in Manchester.

McGrail noted challenges faced by the sector due to global inflation impacting supply chains and market dynamics but highlighted a positive outlook with a 21% increase in global installed capacity as per RenewableUK’s EnergyPulse report.

Looking forward, McGrail outlined plans for a significant auction of offshore wind projects in 2024, projecting nearly 11GW in bidding capacity.

McGrail said: “We have spent much of the last year developing our offshore wind Industrial Growth Plan. Economic growth has been put at the heart of this election and many others around the world.

“After the UK election, the Secretary of State will arrive at a very early decision about how much offshore wind to procure this year.

“With the right backing, nearly £30 billion of private investment into renewables, across all technologies, can be secured this autumn, with an industrial plan to stimulate the jobs and careers across Britain, kickstarting economic growth and industrial reinvention.”

Sir Alok Sharma, President of COP26, also spoke at the event, highlighting the offshore wind sector’s role in meeting global climate targets.

Sir Alok Sharma said: “The offshore wind sector has a vital role to play in ensuring that the world meets its climate and clean energy targets. You have come an incredibly long way in a few short decades. The technologies are here – we just need to deploy them faster to keep on track for our 2030 goals.

“We also know that your sector has faced a triple whammy of headwinds over the last couple of years. These are growing pains – I do think the sector has turned a corner and the fundamentals are incredibly strong.”

Energy Live News
Energy Live News
This article first appeared on Energy Live News, an award winning news service. Their mission is to give you balanced news, analysis, commentary of energy from their dedicated team of quality journalists and production staff.
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