A report by the Centre for Economics and Business Research (Cebr) has revealed that by 2020, the offshore wind industry could provide up to 100,000 jobs and make up 0.4% of the UK’s Gross Domestic Product (GDP). The report was commissioned by Mainstream Renewable Power, a project development organisation that is working to achieve 100% of electricity generation from renewable sources.

Cebr found that the renewables industry could support 45,000 new jobs by 2015, 97,000 by 2020 and 173,000 by 2030. And with the offshore wind developments that are currently planned, the contribution to GDP would rise from 0.4% in 2020 to 0.6% 10 years later. However, with a more ambitious approach, the industry could potentially boost GDP by 1% a year and provide annual net exports of £22.5 billion by 2030.

Through the report, Mainstream hopes to encourage the government to give more support to the renewables sector, whilst raising awareness of its potential within the UK’s business community. Chief Executive Eddie O’Connor commented: ‘...offshore wind provides this country with a clear global comparative advantage...Cebr's findings underline...the very significant potential economic benefit that this sector will deliver to the UK.’

Wilding says: ‘This report was (intentionally) well-timed as it appeared just before the government announced its action plan to cut the cost of offshore wind to £100 per MW by 2020. This represents an important step towards commercialising the industry so it can achieve its full potential, both in economic and environmental terms.’

Source:Business Green