Nature Positive Role of the Offshore Wind Sector

This report sets out five priority actions for businesses in the offshore wind sector to take (see Figure 8). Companies can contribute to a nature- positive future by prioritizing actions that: 1. Avoid and reduce impacts of direct operations on nature; restore and compensate for unavoidable residual impacts in accordance with the mitigation hierarchy 2. Avoid and reduce impacts on nature from components and materials through responsible sourcing3. Innovate product design to reduce material demand and support the nature-positive transition 4. Actively support nature restoration and invest in nature-based solutions beyond site level and value chain 5. Catalyse multistakeholder collaboration and contribute to wider policy and systems change These priority actions require companies to actively engage with suppliers, customers, peers and other industries to transform their value chains. While many of these actions are already being employed or gradually rolled out by businesses, this report calls for accelerated efforts in the offshore wind sector. Undertaking the priority actions for the offshore wind sector could unlock over $5.5 billion in cost savings and revenue upside by 2030. Five priority actions for the offshore wind sector FIGURE 8 Five priority actions for offshore wind2 341 5 Avoid and reduce impacts from components and materialsCatalyse multistake- holder collaboration and contribute to systems changeAvoid, reduce, restore and compensate for impacts from direct operations Support nature restoration and invest in nature-based solutions Innovate product design to reduce material demand Nature Positive: Role of the Offshore Wind Sector 25