EDP plans to invest €1.5 billion in renewable projects in the ocean by 2025

Deniza Cristian 24/06/2022 | 15:37

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 ​​debates blue economy

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:

  • EDP will promote, together with the Conselho Empresarial para o Desenvolvimento Sustentável (BCSD Portugal), “Business4Ocean”, an event associated with the Ocean Conference, on July 1st, at Convento do Beato. The event, which aims to promote a debate around sustainability, financing and the opportunities that the ocean can create, will count with the participation of important voices of the sector such as António Costa Silva, Minister of Economy and the Sea; Sylvia Earle, renowned marine biologist at the National Geographic Society; António Pires de Lima, Chairman of BCSD Portugal; and Miguel Stilwell d’Andrade, CEO of EDP.
  • EDP will participate in the event “From Lisbon to Sharm el-Sheikh: Accelerating Ocean-Based Climate Solutions”, which will take place at the Ocean Conference on June 27th around the topic of how the ocean’s potential can help achieve the goal of limiting temperature rise to 1.5°C by 2050. Miguel Setas, board member of the EDP Group, will be speaking at this debate organized by the UN Global Compact, High Level Climate Champions, Ocean and Climate Platform, UNFCCC and the Governments of Portugal, the United Arab Emirates and the United Kingdom, with the aim of bringing together business leaders, financial institutions, non-governmental organizations and government representatives.
  • On June 28th, Rui Teixeira, CFO of EDP, will take part in the “Ocean Finance Breakfast” event organized by BBVA and the UN Global Compact, with the goal of presenting how EDP’s investment in offshore wind energy and its commitment to the energy transition contribute to a more sustainable ocean. The event will bring together CEOs and other stakeholders interested in discussing value chain financing and the transfer of public and private sector financing to the blue economy through the development of an attractive ocean investment pipeline.
  • EDP will participate in the event “Sustainable Blue Economy Investment Forum” promoted by the Governments of Portugal and Kenya, on June 28, at the Estoril Congress Centre. The encounter, which will feature Miguel Stilwell d’Andrade as a speaker, aims to promote the discussion around global standards for a blue economy sustainability policy, which can support financing instruments, investment and business decisions.
  • Finally, EDP will also organize, together with Turismo de Portugal and Meo, an event that addresses the sustainability of the surfing industry. “Let’s Sea”, which will take place on June 29th at Jardim da Música, in Lisbon. Vera Pinto Pereira, board member of the EDP Group will attend the initiative to reinforce the importance of promoting talent and social responsibility in this area.
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Deniza Cristian | 02/08/2022 | 10:15

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