Nature Positive Role of the Offshore Wind Sector

25. Hughes, M. (2021). Biodiversity Net Gain – more than just a number. Government of the UK. https://naturalengland.blog. gov.uk/2021/09/21/biodiversity-net-gain-more-than-just-a-number/. 26. Australian Government Department of Climate Change, Energy, the Environment and Water. (n.d.). Nature Repair Market. https://www.dcceew.gov.au/environment/environmental-markets/nature-repair-market. 27. Simon Kucher. (2021). Recent study reveals more than a third of global consumers are willing to pay more for sustainability as demand grows for environmentally-friendly alternatives. https://www.simon-kucher.com/en/who-we-are/newsroom/ recent-study-reveals-more-third-global-consumers-are-willing-pay-more. 28. Deloitte. (2022). The Deloitte Global 2022 Gen Z and Millennial Survey: Striving for balance, advocating for change. https://www2.deloitte.com/content/dam/Deloitte/at/Documents/human-capital/at-gen-z-millennial-survey-2022.pdf . 29. McKinsey Sustainability. (2024). Corporate commitments to nature have evolved since 2022. https://www.mckinsey.com/ industries/agriculture/our-insights/corporate-commitments-to-nature-have-evolved-since-2022. 30. World Benchmarking Alliance. (2022). Nature is a blind spot for major companies despite its importance for their operations and people. https://www.worldbenchmarkingalliance.org/news/nature-benchmark-press-release-2022/. 31. Nature Positive Initiative. (2023). The Definition of Nature Positive. https://www.naturepositive.org/app/uploads/2024/02/ The-Definition-of-Nature-Positive.pdf. 32. These actions have been developed in collaboration with leading organizations. They build on existing action frameworks and guidance, including the Natural Capital Protocol, the Science Based Targets Network’s Initial Guidance for Business, the World Business Council for Sustainable Development’s (WBCSD’s) building blocks on what nature-positive means to business, Business for Nature’s steps to become nature-positive and the Taskforce on Nature-related Financial Disclosures’ (TNFD) Framework. Source: Business for Nature. (n.d.). High-level Business Actions on Nature. https://www.businessfornature.org/high-level-business-actions-on-nature. 33. Science Based Targets Network (SBTN). (n.d.). Unlocking insights and changing mindsets: what it is like to pioneer science- based targets for nature. https://sciencebasedtargetsnetwork.org/case-studies/initial-corporate-insights/ . 34. United Nations Framework Convention on Climate Change (UNFCCC). (2017). Clean Energy Can Meet 90% of Paris Energy-Related Goals. https://unfccc.int/news/clean-energy-can-meet-90-of-paris-energy-related-goals. 35. Global Wind Energy Council (GWEC). (2024). Global Wind Report 2024. https://gwec.net/global-wind-report-2024/. 36. Global Wind Energy Council (GWEC). (2024). Global Offshore Wind Report 2024. https://gwec.net/global-offshore-wind- report-2024/. 37. International Energy Agency (IEA). (2019). Future of Wind. https://www.irena.org/publications/2019/Oct/Future-of-wind. 38. International Energy Agency (IEA). (2023). Net zero by 2050: A Roadmap for the Global Energy Sector. https://www.iea.org /reports/net-zero-by-2050. 39. US Office of Energy Efficiency and Renewable Energy. (2024). How Wind Can Help Us Breathe Easier. https://www.energy.gov/eere/wind/articles/how-wind-can-help-us-breathe-easier . 40. International Renewable Energy Agency (IRENA). (2021). Offshore Renewables: An Action Agenda for Deployment. https://www.irena.org/Publications/2021/Jul/Offshore-Renewables-An-Action-Agenda-for-Deployment. 41. According to the Global Wind Energy Council (GWEC), by the end of 2023, 41 GW and 34 GW of offshore wind capacity were in operation in Asia and Europe respectively, out of 75 GW globally. 42. Global Wind Energy Council (GWEC). (2024). Global Offshore Wind Report 2024. https://gwec.net/global-offshore-wind- report-2024/. 43. International Energy Agency (IEA). (2021). The Role of Critical Minerals in Clean Energy Transitions. https://www.iea.org/ reports/the-role-of-critical-minerals-in-clean-energy-transitions. 44. International Financial Reporting Standard (IFRS) Foundation’s International Sustainability Standards Board (ISSB). (n.d.). SASB Sustainable Industry Classification System (SICS). https://sasb.org/standards/download/. 45. In line with the Taskforce on Nature-related Financial Disclosures’ (TNFD) sector guidance on electric utilities and power generators and the World Business Council for Sustainable Development’s (WBCSD) Roadmap to Nature Positive: Foundations for the energy system: Taskforce on Nature-related Financial Disclosures (TNFD). (2024). Additional sector guidance – Electric utilities and power generators; World Business Council for Sustainable Development (WBCSD). (2023). Roadmap to Nature Positive: Foundations for the energy system. 46. Metcalfe, O. (2024). Offshore Wind Investment Hits All-Time High in 2023. BloombergNEF. https://about.bnef.com/blog/ offshore-wind-investment-hit-all-time-high-in-2023/. 47. DNV. (2023). Spatial Competition Forecast: Ocean’s Future to 2050. https://www.dnv.com/publications/spatial- competition-forecast-237261/. 48. While estimates vary by country, turbine size and configuration, on average wind energy produces around 7-11 grams (g) of carbon dioxide per kilowatt-hour (g CO2/kWh) of electricity generated, compared to about 980 g CO2 kWh for coal and roughly 465 g CO2/kWh for natural gas. 49. Esteban, M. D., Diez, J. J., López, J. S. and Negro, V. (2011). Why offshore wind energy? Renewable Energy, vol. 36, issue 2, 444-450. https://www.sciencedirect.com/science/article/abs/pii/S0960148110003332. 50. Dolan, S. L. and G. Heath. (2012). Life Cycle Greenhouse Gas Emissions of Utility-Scale Wind Power. Journal of Industrial Ecology, vol. 16, pp.136-154. Nature Positive: Role of the Offshore Wind Sector 51