06/23/2022 | Press release | Distributed by Public on 06/24/2022 05:15
The Group continues to reinforce its leadership role in the energy transition by promoting the development of new offshore wind capacity. EDP will participate in the UN Ocean Conference, which will take place next week, conveying its investment strategy and sustainability commitments through various events.
EDP plans to invest 1.5 billion euros in the development of renewable wind projects in the ocean by 2025, reinforcing its commitment to accelerate the energy transition including through offshore wind. Next week, the group will take part in the Ocean Conference promoted by the United Nations (UN) to announce its investment strategy and sustainability commitments in this segment.
Following EDP's Strategic Plan presented in 2021, the Group will contribute with 1.5 billion euros to support the achievement of the wind capacity addition targets of Ocean Winds (OW) - the joint venture held in 50/50 by EDPR and Engie - that is leading the industry, namely in floating offshore. In total, by 2025 OW plans to add 5 to 7 GW of projects already in operation or under construction and 5 to 10 GW of projects in advanced stage of development.
Since its inception in 2020, OW has grown from 1.5 GW of projects under construction and 4 GW under development to a total portfolio of more than 11 GW, being now present in seven countries. OW's offshore projects represent a driving force of the blue economy and are fully aligned with EDP's sustainability commitments to the planet, also by promoting close cooperation with local ecosystems and communities. Currently, the installed offshore wind capacity in the world is around 40 GW and it is expected to reach more than 200 GW by 2030 and more than 1500 GW by 2050.
Next week, EDP will take part in the Ocean Conference promoted by the UN - June 27th to July 1st in Lisbon -, announcing its investment plans in renewable wind projects in the ocean, in alignment with its goal to eliminate coal production by 2025 and become 100% green by 2030. The encounter will serve as a platform for the Group to reinforce its active role in promoting the sustainability of the ocean at such a critical time, to increase ambition and mobilize collective efforts in this area given the challenges the planet faces to fight climate change. It will also be an opportunity to discuss innovative projects related to the ocean, such as Windfloat Atlantic, the pioneer floating offshore project in Viana do Castelo - the technology which will likely be the fastest growing in offshore wind.
"This is the time for a consistent and collective action to transform the world into a better place for the generations to come. EDP will continue to contribute to this change with ambitious energy transition goals, including in offshore wind and floating solar. In addition to a high business potential, these segments have clear economic and environmental benefits, which EDP will continue to promote, along with the sustainability of the ocean, in line with the UN Sustainable Development Goals and the objectives established in the Paris Agreement", says Miguel Stilwell d'Andrade, CEO of EDP.
To take one step forward in its commitments with the ocean, EDP, EDP Renewables and Ocean Winds recently subscribed to the nine Principles for the Sustainable Ocean, established by the UN Global Compact (a special initiative of the UN Secretary-General dedicated to the mobilization of sustainability of companies) which provide a framework for the practice of sustainable business across all industries and regions. By becoming a signatory, EDP Group recognizes the urgency and global importance of guaranteeing a healthy ocean and undertakes the commitment to promote the sustainability of the ocean for current and future generations.
EDP has a close connection to the UN Ocean Conference given the strategy adopted by the Group, almost two decades ago, to focus on renewables and in particular in offshore wind energy, but also the commitments it has made, and now reinforces, with the sustainability of this resource. Therefore, in addition to being present at the main event, EDP will promote and participate in a number of initiatives associated with the ocean: