Nature Positive Role of the Offshore Wind Sector

Executive summary Clean energy deployment can achieve 90% of the carbon dioxide (CO2) emission reductions needed to meet the Paris Agreement’s goal of limiting global warming to 1.5°C. Harnessing the ocean’s abundant renewable energy, of which offshore wind is the most mature technology, can play a pivotal role. Offshore wind capacity has been increasing substantially – by 2030, it is projected to grow five- fold from the current 75 gigawatts (GW) to 380 GW and thirty-fold to 2,000 GW by 2050.1,2 Investments in the sector have also increased, topping $77 billion in 2023.3 These are forecast to rise to $350 billion in 2030 and $1.47 trillion in 2050, respectively.4 Meanwhile, the call for the nature-positive transition has never been louder. In 2022, 196 parties signed up to the Kunming-Montreal Global Biodiversity Framework (GBF), with the goal of halting and reversing nature loss by 2030 and achieving a full recovery by 2050. Furthermore, with the recent adoption of regulations such as the EU Nature Restoration Law or the UK Biodiversity Net Gain, the potential is clear for every economic sector to protect and regenerate nature. In fact, many leading offshore wind businesses have already made nature and climate commitments and taken steps to address their potential impact on marine habitats, minimize their disturbances on species, and reduce greenhouse gas (GHG) emissions and pollution. Supported by public authorities, civil society and the scientific community, companies also strengthen cross-industry and multistakeholder collaboration to enhance knowledge and drive actions. While these efforts are promising, more must be done to roll out offshore wind in a way that provides jobs and benefits for local communities while protecting ecosystems. This report summarizes the sector’s key impacts and dependencies on nature and outlines sector- specific actions that corporate leaders can take to transform their businesses. The offshore wind sector has a key role to play in halting and reversing nature loss by 2030 – the mission at the heart of the GBF. Priorities include the following: 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 sourcing 3. 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 By 2030, these actions could unlock over $5.5 billion in annual business opportunities for companies across the sector’s value chain, presenting a significant opportunity for offshore wind in the new nature-positive economy.Clean energy must contribute to tackling climate change and nature loss, two interdependent priorities for both society and business. Nature Positive: Role of the Offshore Wind Sector 6