Nature Positive Role of the Offshore Wind Sector

To calculate the opportunity summarized in the waterfall in Figure 9, the following opportunities from the Future of Nature and Business report were identified as relevant (see Table 3). Further information on the calculation methodology can be found in the Appendix. Priority action Business opportunity from Future of Nature and Business reportOriginal size in Future of Nature and Business report ($ billion)Adjustment factor to size share of offshore wind sector sector Opportunity size for offshore wind sector ($ billion) 1 Avoid and reduce impacts of direct operations on nature, restore and compensate for unavoidable residual impacts in accordance with the mitigation hierarchyEnergy efficiency – buildings825 Calculated GDP impact on the global offshore wind sector in 2030: 0.18%1.5 Sustainable infrastructure financing295 0.54 Expansion of renewables 650 1.18 Energy efficiency – non- energy intensive sectors*337 0.61 2 Avoid and reduce impacts on nature from components and materials through responsible sourcingGreen long-range transport220 0.4 Fourth Industrial Revolution-enabled long-distance transport75 0.14 Additive manufacturing 135 0.25 3 Innovate product design to reduce material demand and support the nature-positive transitionEnd-use steel efficiency 210 0.38 Sustainable substances in extraction20 0.04 4 Actively support nature restoration and invest in nature-based solutions alongside local stakeholdersSustainable aquaculture 115 0.21 Bivalves production 15 0.03 Nature climate solutions 85 0.15 5 Catalyse multistakeholder collaboration and contribute to wider policy and systems changeTechnology in energy and extractives supply chains30 0.05 Wild fisheries management40 0.07Deep-dive on business opportunities for the offshore wind sector TABLE 3 *Additional opportunity beyond Future of Nature and Business report analysis. Taking these five priority actions across both company operations and the wider value chain will help companies in the sector to avoid or reduce the top drivers of biodiversity loss (ocean and land use change, ecosystems disturbances, pollution, resource exploitation and greenhouse gas emissions) across the four nature realms (ocean, land, freshwater and atmosphere), mitigate risks to operations and unlock commercial opportunities. These actions will also contribute to the targets of the Kunming-Montreal Global Biodiversity Framework, which aims to halt and reverse biodiversity loss by 2030 to achieve the global goal of nature positive (see Table 4). Nature Positive: Role of the Offshore Wind Sector 27