Offshore wind has the potential to create 45,000 jobs by 2015, over 97,000 jobs by 2020 and 173,000 jobs by 2030 in the U.K., finds a new study released by the Centre for Economics and Business Research (Cebr) and commissioned by Mainstream Renewable Power.
In addition, the offshore wind sector has the potential to boost the U.K.'s gross domestic product (GDP) by 0.2% by 2015 and by 0.4% by 2020. With an 18.8 billion pound boost in net exports by 2030, offshore wind could plug 75% of the U.K.'s current balance of trade deficit, according to the report.
A more aggressive - but achievable - approach could see an annual 1% increase in the GDP and the creation of up to 215,000 jobs, the report adds.
Furthermore, a foreign trade multiplier (FTM) analysis of the impact of increasing levels of offshore wind investments and exports leads Cebr to contend that significant multiplier impacts can be expected to derive from investment in offshore wind.
“All forms of renewable energy, from solar energy to tidal energy, will contribute to delivering this transition in the U.K.,” says Eddie O’Connor, CEO of Mainstream Renewable Power. “But offshore wind provides this country with a clear global comparative advantage, particularly when the U.K. government and industry will this week publish their strategy to reduce the cost of offshore wind to 100 British pounds/MWh by 2020.”