The Labour Party has thrown its weight behind offshore floating wind deeming that the UK must lead by example and become a “world leader” for the technology.
Detailed within the political party’s long-term plan for clean energy, which has already committed to creating a publicly owned energy company dubbed Great British Energy, a heavy emphasis has been made on bolstering the nation’s renewable and low-carbon technologies.
The floating offshore wind opportunity
According to its policies, the publicly owned company would aim to invest in clean energy across the country with a focus on floating offshore wind technology – a technology Labour believes GB could become a “world leader” in.
Indeed, floating offshore wind in the GB market continues to gain traction, particularly with recent developments in the Celtic Sea. According to The Crown Estate, research has indicated that the floating offshore wind opportunity in the Celtic Sea could be worth up to £1.4 billion for the UK economy.
This, of course, is not just down to the technology but also the development of port infrastructure and the specialised jobs needed to build and maintain the technology.
Investment in low-carbon technologies via National Wealth Fund
Another key policy in regards to net zero is the creation of a new National Wealth Fund, dedicated to investing in jobs needed to support the transition to low-carbon technologies.
According to Labour, the fund will “crowd in private investment in our ports, gigafactories, hydrogen, and protect our steel industry” with the party also stating that upgrading the national grid is “key to the success” of its plans.
Clean Power by 2030
Labour also outlined its plans for bolstering clean power in the UK by 2030. This includes pioneering floating offshore wind by fast-tracking at least 5GW of capacity.
The political party aims to increase the UK’s renewable energy capacity by 2030 significantly. Specifically, they plan to increase the country’s onshore wind capacity to 35GW, more than triple solar power to 50GW, and quadruple offshore wind to 55GW.
In addition, Labour intends to support new nuclear projects, including Small Modular Reactors, and extend the lifetime of existing plants. The party also aims to double the government’s target on green hydrogen, with a production target of 10GW for use in flexible power generation, storage, and industries like green steel.
Labour’s plans for floating wind offer massive manufacturing opportunities in UK
Plans to invest in the floating offshore wind sector have been welcomed by trade association RenewableUK with Jane Cooper, executive director of Offshore Wind, stating that the the development of floating wind at scale offers “opportunities for us to build a far greater number of offshore wind farms”.
Cooper said: “The UK is a world leader in offshore wind, and you can travel to parts of Wales like Mostyn where people are already employed in roles maintaining the North Hoyle, Rhyl Flats and Gwynt-y-Mor wind farms. However, the development of floating wind at scale offers opportunities for us to build a far greater number of offshore wind farms in deeper, windier waters in the Celtic Sea, off the coast of South Wales and the South-West of England, providing vast amounts of home-blown clean power.
“There is currently a huge decision on the desk of government when it comes to floating offshore wind. The UK could unlock investment in the Erebus wind farm this year, a world-leading project off the coast of Pembrokeshire, in addition to two other projects off the coasts of Scotland the North East of England, through its upcoming clean power auction this summer. However, the budget set out for that auction is too low, putting progress at risk, so we’re calling on government to revise this at the earliest opportunity.”