Offshore Energy Targets For 2050: Note & Act

By 2050, there will be 9.7 billion people in the world and the need for energy is going to increase by 50%. To help tackle climate change, many governments are turning to offshore energy. This will help to meet the energy demands while also making the development sustainable and reducing greenhouse gas emissions.

Many countries want to generate more renewable energy, like the US and UK. The US plans to have 30GW of offshore wind energy by 2030. The UK wants up to 50GW of offshore wind power by 2030. This would make enough energy for all UK homes. To talk about this, we brought together experts from Clarksons Group. They talked about the changing energy situation and the challenges and chances it brings. The panel included:

David started the webinar and said that things are different now. We've had lots of changes like COVID-19, inflation, and a war in Europe. We're not sure what will happen next, but there are some great goals all over the world. The Clarksons Group wants to talk about how we can reach those goals.

Industries, including shipping, are moving towards sustainable and low-carbon energy sources. But, policies need to progress to support this shift. Governments are setting and supporting ambitious decarbonization targets.

Costs to produce offshore wind energy have reduced in the last decade. This is from technology advancements, competition and economies of scale. Offshore energy now competes with other sources like coal and natural gas. Europe has already embraced offshore wind as part of its energy mix. Taiwan, South Korea, Japan and the US will also increase production this year. We are just at the beginning.

Erik said we're going through an energy transition. It began a while ago and now it's speeding up. This is because of more investments and policies trying to make it happen faster.

When Frederik began working, offshore wind was just an experiment. But things have changed in the last 20 years. Now, it's grown and is a fully-fledged energy system. It can be placed in the ocean to generate green electricity.

Frederik said that the energy transition is a long process and not a quick one. He also said that we still have a lot more work to do. In the future, we need renewable energy that isn't too expensive. We need to be clever about how we do this. Clarksons Renewables thinks that we need better supply chain logistic solutions to replace nuclear power, especially in countries where coal is popular. They want to focus on making an offshore wind system that's affordable in places that haven't had that option before. They are making progress towards this goal.

Hear the entire conversation by clicking the link.

Is oil & gas coming back? Experts talked about it. They shared their thoughts on what it means. They all agreed it affects energy markets and offshore wind supply chains.

Erik talked about the oil and gas industry. It has become popular again after a time of not being popular. Prices and demand are rising. Erik thinks demand will keep going up. He said that many groups have different opinions about where the oil industry is going. Some say demand will peak in 2045 or 2050. Erik thinks that's not true. He thinks demand won't peak until 2035 or later.

Oil and gas will be used for a while, so going green will take time. Erik said oil companies will keep spending money on oil and gas.

Our panellists discuss the progress of the energy transition. They also talk about the challenges due to the increase in global oil demand. Click here to listen.

What's taking so long for the green transition? Money is the answer. Going green costs a lot. Germany spent $250 billion on renewable energy in 20 years. Other countries need to invest in green energy too.

The people on the panel agreed that investing in green initiatives is crucial. Turner pointed out that a report stated $3.5 trillion will be needed annually to reach net-zero targets in 2050, by investing in physical infrastructure.

Where will the money come from? Who wants to invest in these projects?

Many investors are interested in offshore wind for its potential for good profits and stability over time. This includes big players like private equity firms, utility companies, and more. In Europe, investors like pension funds and insurance companies have been funding these projects for a while now. Even in the US, where offshore wind is newer, lots of investors from all over are getting involved. This includes big names from Europe and American utility companies.

The panellists talked about challenges in getting investment for offshore wind. They said people are hesitant because they lack confidence. It's hard to manage and communicate. They also mentioned inflation as a problem for investors. The energy transition will increase demand and prices. We'll need more resources, which will make things scarce and pricey.

Securing investment for offshore wind projects is going to be tough, according to Kenneth. The energy crisis is affecting the whole world, making it harder for us to reduce emissions. And, our clients are finding it difficult to meet both regulations and economic requirements while taking social pressure into account. Striking the right balance is tricky. Many clients believe that they need to be perfect, but trying to achieve perfection can slow down progress.

The panel talked about how to convince hesitant investors. They said it's crucial to act quickly and promote offshore energy. Education is also essential to help investors understand and feel confident in investing in offshore energy. Meeting industry goals depends on investing today.

The talk is ongoing! Check out the link to learn about the importance of capital for the green transition.

The panel agreed that having goals for reducing carbon by 2030/2050 is good. It will help make progress even if it's hard to reach. We need to keep our focus on these goals to make things better. If we don't reach them, that's okay. What's important is that we keep moving forward to fight climate change. We want a cleaner world for everyone.

Hear the complete talk and listen to everyone's thoughts.

This article's views do not represent those of Offshore-Wind.biz.