The Offshore Valuation Group, today publishes the first full economic valuation of the UK’s offshore renewable resource. The study was part-funded by the CCC, one of a range of commissioning organisations of the independent study, which included the UK, Scottish and Welsh Governments, and eight energy companies.
The study suggests that the offshore renewable energy industry in the UK could generate electricity equivalent to1 billion barrels of oil annually, matching North Sea oil and gas production and could result in cumulative carbon dioxide savings of 1.1 billion tonnes by 2050, assisting with the Government’s efforts to meet carbon budgets.
Chief Executive of the Committee on Climate Change, David Kennedy said:
“In order to meet our climate goals, we need to decarbonise electricity. There is an important role for nuclear, renewables and Carbon Capture and Storage driving required power sector emissions cuts over the next two decades. This report reinforces the view that offshore renewables, and in particular offshore wind, could have a potentially major role to play”.