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17 October 2024

Floating Offshore Wind 2024: A generational opportunity in need of action

At the 2024 Floating Offshore Wind (FOW) Conference in Aberdeen, we showcased our plans for a renewables hub in Orkney and convened with industry stakeholders to discuss the future of energy in the North and Celtic Seas.

Kicked off by an optimistic and future-focused speech from First Minister John Swinney, we were reminded of the Scottish Government’s commitment of £500 million worth of investment into developing the offshore wind supply chain and infrastructure needed to deliver a successful transition to offshore wind. The First Minister also assured the industry of policy certainty and encouraged collaboration as they seek to unlock private investment.

We are on the precipice of a once-in-a-generation opportunity. As a major port, we are moving in the right direction but uncertainty over the future remains. For developers and investors in floating offshore wind, upfront costs remain high, which is stagnating growth in the industry and creating pressure on project timelines.

The major challenge that needs to be addressed soon is the investment in port infrastructure. Without the necessary logistical facilities to support the floating offshore wind supply chain, costs will soar, delaying development and hindering Scotland's net zero progress.

From the UK government, the wider sector welcomed a commitment of £160 million of funding to two other UK ports early in 2024 through the Floating Offshore Manufacturing Investment Scheme (FLOWMIS). We are on the reserve list for this funding and are working through the Scottish Government’s Strategic Investment Model (SIM) process. As such, we encourage the government to fast-track support towards ports and harbours.

At this stage, working with governments to find both public and private investment is a critical task for ports and we recognise the importance of collaboration between ports that are looking to support the pipeline of projects in our seas.

The enthusiasm from ports, developers, and industry stakeholders in Aberdeen was clear at our stand. Looking ahead to 2025, we must continue to advocate for greater government support for the offshore wind sector and secure the investment necessary for a greener future.