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The UK offshore wind industry is partnering with authorities on the creation of a fresh Industrial Growth Plan (IGP) to enhance the long-term growth of the sector.
Industry group RenewableUK, the Offshore Wind Industry Council, which is a government and industry forum, the Crown Estate and Crown Estate Scotland are developing the new IGP and have appointed KPMG to support the effort, according to an announcement today. The IGP is expected to be published early next year.
An offshore wind IGP was recommended in a report to the government by the UK’s Offshore Wind Champion, Tim Pick, earlier this year. The report says that the plan should be “based on a sober and thorough strategic competency ‘make-or-buy’ analysis which takes into account the UK’s comparative advantages and opportunities for disruption.”
“The Industrial Growth Plan will set out strategies for capturing value across the lifecycle and steer investment into critical areas to grow the economy and secure our energy future,” said RenewableUK chief executive Dan McGrail. According to him, the time is right to take a more strategic approach as the UK has a strong foundation to build a globally competitive supply chain but is currently facing hurdles such as high inflation, investment challenges and greater ambition from competitor nations.
RenewableUK said the IGP will build on a recent report, Supply Chain Capability Analysis, which sees an opportunity for the UK’s supply chain for offshore wind to generate GBP 92 billion (USD 115bn/EUR 106bn) in economic value by 2040.
(GBP 1 = USD 1.254/EUR 1.150)
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