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Offshore wind has tremendous potential to replace aging power plant, reduce reliance on imported gas, and meet greenhouse gas emissions and renewable energy targets. Innovation is critical to enabling the deployment and cutting the cost of offshore wind, with an estimated saving to the energy system of c. £33 billion (£18-57 billion)1 to 2050. Investment in innovation can also help create UK based business opportunities that could contribute an estimated c. £19 billion (£12-30 billion)2 to GDP to 2050, 80% of which would come from domestic activity, while supporting c. 31,000 (19,000-55,000) direct jobs per year by 2050. Significant private sector investment in innovation, catalysed by public sector support where there are market failures and barriers, is needed to unlock these opportunities.
1 Cumulative (2015-2050) 2015 GBP discounted values for medium (low-high) UK deployment scenarios and a high innovation scenario. Unless otherwise stated all figures are in real, 2015 GBP.
2 Cumulative (2015-2050) 2015 GBP discounted GVA for medium (low-high) global / UK deployment scenarios and a high innovation scenario.
This TINA was updated and agreed by the LCICG in March 2016.
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