United Kingdom – Copenhagen Infrastructure Partners (CIP) has an objective as well as an action plan to increase and accelerate participation in the energy transition through the deployment of 100 billion euros into renewables by 2030.
To accomplish the Paris climate agreement’s goal of reducing global temperature rise, immediate policy action is needed.
The UK, numerous EU countries, and major US East Coast States have already laid out a clear plan and framework to radically overhaul their energy systems in a relatively short amount of time, driven by strong governmental support and bold renewables targets, particularly in offshore wind.
As a result of technological advancement, innovation, large-scale manufacturing, and progress, renewable energy is now cost competitive and often cheaper than fossil-based alternatives.
Offshore wind is a leading industry in Denmark’s green transition of energy production. Denmark has made the decision to construct the world’s first energy island, a notion that CIP helped develop. In addition to floating offshore wind and Power-to-X, the next wave of game-changing offshore wind concepts includes energy islands, which could each sustain 10 GW of offshore wind. Many markets throughout the North Sea, Asia, and beyond can benefit from the application of these technology.
With these advancements in renewable energy, we may expect it to scale to previously unimaginable heights, while also lowering costs and producing more useful products to help power our society with low carbon energy in the future.
In order to achieve its EUR 100 billion goal, CIP has built a project pipeline that is both measurable and diversified in terms of geography and technology. Only about a third of the total will come from offshore wind. The rest will be made up of onshore wind, photovoltaic (PV) solar, and other emerging technologies such as Power-to-X (energy storage), energy islands, and power transmission.
A leading portfolio of offshore wind projects, including both fixed-bottom and floating projects, is being developed by CIP in important offshore regions such as North America, Asia-Pacific, Emerging markets and Europe. CIP’s offshore wind projects span these regions. Pipelines are being built for large-scale projects such as Vineyard Wind, which will be the first large-scale offshore wind project in the United States.
One of the newest initiatives in the CIP portfolio is Power-to-X. The pathbreaking 5 GW Murchison project in Australia and the 1 GW Hoest project in Denmark are both important undertakings. With these initiatives and the remainder of the Power-to-X pipeline, we’ll be able to better integrate intermittent renewable power into our energy systems while also decarbonizing hard-to-reduce industries like agriculture, heavy industry, and transportation.