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The role of insurance in the growth of offshore wind farms

Cécile Ballion - Marine Advisor

 

According to the European Commission, Belgium will not meet its 2020 and 2030 climate targets for gas emissions in non-industrial sectors, namely transport, housing, agriculture and the tertiary sector. ‘Further efforts are necessary for the spheres of reducing emissions, renewable energy and energy efficiency’, the institution said.

In practical terms, by 2020, Belgium must have reduced its greenhouse gas emissions by 15% compared to 2005. We are at 12%. According to forecasts, Belgium will reach 14-15% in 2030, whereas it should reach 35%, following its commitments.

Today, it is four times faster to build offshore wind farms than it was ten years ago. Consequently, offshore wind construction cost has decreased in recent years. Today, it is one of the most competitive energy technologies.

In the North Sea Port, a lot of firms have already installed wind turbines in their own industry zone. It allows decreasing the CO2 emissions by 9,600 tons per year. With the construction of Norther, its sixth wind farm, Belgium has thus become the fifth largest offshore wind energy producer in the world. Moreover, two others are going to be built by 2020, which will allow producing around 10% of the Belgian global electricity demand by year. By 2030, 20% of Belgium's electricity will be produced by offshore wind turbines. ‌Green electricity which also generates between 15,000 and 16,000 direct and indirect jobs in Belgium and Europe.

A net-zero emissions economy by 2050 will rely on renewable energy. Offshore wind is key to deliver Europe’s ambition on decarbonisation and sustainable energy transition. This will mean a total of 240-450 GW of offshore wind, according to the European Commission.

According to WindEurope, international cooperation and higher national ambition is the key to reach climate objectives.

Nevertheless, wind turbine transport is complicated and not without risk. Indeed, wind turbines blades are getting longer and longer (up to 80 meters), which makes them extremely fragile. Some vessels are neither big enough nor adapted to have them on board. 

To achieve growth and avoid unexpected financial losses, you must be fully aware of the risks involved and be properly covered. In other words, you need an experienced insurance partner on your side of the table. With more than 60 years of know-how and in-house specialists for every area, Concordia is the right insurance partner for every market segment. In touch with several insurance companies, both national and international, we have a negotiation capacity which allows us to always find the best conditions on the market and the optimal insurance solution tailored to your needs. All of our departments, from construction to liability to marine, work together and listen to you, your needs, and ambitions to offer the ideal insurance solution. We can help you through the whole process; from the construction of wind farms to the transport of wind turbines. Don’t hesitate to contact us, we’re more than happy to help. We insure and manage, so you can perform.

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