Nature Positive Role of the Offshore Wind Sector

Companies should use these alliances to drive system change. Specifically, through these platforms, companies can: Call on governments to strengthen nature- related policy Offshore wind companies can collectively call for more progressive policies and regulations that set the minimum standards for the sector on nature. Companies can advocate for governments to: –Develop inclusive marine spatial planning that helps select the right sites for the deployment of offshore wind, to maximize the benefits for nature and people. This should be done in collaboration with local communities and offshore wind businesses as well as other marine sectors such as fisheries, aquaculture, ports and shipping. The High Level Panel for a Sustainable Ocean Economy countries, for instance, have started implementing an integrated approach to ocean management by developing Sustainable Ocean Plans.159 –Support the operationalization of nature- related targets, such as site-level NNL or NPI targets, for example, by providing guidelines on metrics (e.g. habitat classification for equivalency) and building supporting infrastructure (e.g. compliance mitigation systems and regulated biodiversity offset markets). –Enhance regional and cross-border cooperation that adopts an integrated approach to offshore wind project rollout and ecosystem-based management. This approach can enhance the planning and execution of projects while greatly benefiting the monitoring of marine migratory species that cross the waters of several jurisdictions. In Europe, the North Seas Energy Cooperation160 is an example of such collaboration. In the US, the Regional Wildlife Science Collaborative for Offshore Wind (RWSC) supports regional cooperation in data collection and research activities. –Deploy blended finance instruments, including concessional loans and equity, to enhance the global competitiveness and financial viability of offshore wind projects, especially in emerging markets.161Collaborate on data sharing and innovative research and development There are significant knowledge gaps in the marine environment and data collection can be very costly. Data-sharing partnerships between businesses, research institutions and environmental organizations is therefore crucial to fill biodiversity knowledge gaps and boost scientific understanding of the ocean. This will ultimately drive innovative, beneficial research and development for companies and identify opportunities for habitat protection and restoration. Data sharing, however, needs to follow clear principles to ensure that the efforts are justified and that the data can be harmonized and effectively used (e.g. standard procedures in terms of data gathering, format, accessibility and compatibility). Furthermore, while the offshore wind sector is in a strong position to contribute to the data repertoire, collaboration with other sectors is essential to the understanding of cumulative impacts across the seascape. Organizations such as HUB Ocean are collecting and harmonizing large amounts of ocean data on a collaborative platform with the aim of benefiting both the environment and ocean-dependent industries. Multistakeholder efforts to strengthen data collection and sharing mechanisms have also accelerated, such as the Intergovernmental Oceanographic Commission of the United Nations Educational, Scientific and Cultural Organization’s (UNESCO-IOC) Ocean Decade Corporate Data Group,162 the Crown Estate’s data sharing platform163 and the Global Biodiversity Information Facility. Collaborate to harmonize impact assessments and monitoring and evaluation frameworks Companies should collaborate to build a common approach to assessing and reporting impacts on nature in the sector. A unified framework across offshore wind stakeholders to evaluate, quantify and report on nature-related impacts will enable consistent and transparent evaluations across the sector. It will also guide better tenders and permitting processes for governments and support financial institutions in aligning their financing with demonstrably sustainable practices.164,165 A number of initiatives have emerged to support companies in this gap. For example, the World Economic Forum’s Responsible Renewables Infrastructure Initiative166 is working with industry leaders and civil society organizations to create a consensus on measuring the impact of renewables infrastructure on nature and people. From there, it will guide infrastructure buildout on the ground as well as government auctions and permitting processes. Offshore wind companies can collectively call for more progressive policies and regulations that set the minimum standards for the sector on nature. Nature Positive: Role of the Offshore Wind Sector 37