Green Power Generation

Offshore wind could be worth £170 billion a year to UK economy

08 April 2011 - The UK could capture a 10% slice of the global offshore wind market, worth up to £170 billion a year for the economy by 2050, according to analysis by the Carbon Trust.

The recent research by the Trust predicts the global offshore wind sector will grow by 10% a year, with the potential to boost the UK’s green economy by up to £10 billion a year to the UK’s GDP – a total of £100 billion between 2010 and 2050.

Based on global deployment levels of up to 1150GW by 2050, the offshore wind sector employ up to 230,000 in the UK by 2050, with the majority working in the export market.

“Offshore wind is a strategically important economic asset for the UK that can deliver long term growth and energy security,” says Benj Sykes, director of innovations at the Carbon Trust.

“We are in an excellent position to be a global market leader. If we seize this green growth opportunity, the UK will benefit from hundreds of thousands of new jobs, a booming new export market and billions of pounds of business benefits,” he adds. {continued}