The Role of Offshore Renewable Energy in Achieving Carbon Neutrality: Policy and Economic Implications

Abstract

Offshore renewable energy, encompassing wind, wave, and tidal power, plays a critical role in global efforts to achieve carbon neutrality by mid-century. As countries seek to reduce greenhouse gas emissions and transition to sustainable energy systems, offshore renewable energy offers a substantial and largely untapped resource. the potential contributions of offshore renewable energy to carbon neutrality, focusing on the policy frameworks and economic factors that influence its development and deployment. the economic benefits of offshore renewable energy, including job creation, energy security, and the reduction of fossil fuel dependency. the challenges associated with high capital costs, grid integration, and environmental impacts, and discusses policy strategies that can facilitate the growth of the sector, such as subsidies, carbon pricing, and international cooperation. the right policy support and economic incentives, offshore renewable energy can significantly contribute to achieving carbon neutrality, while also driving economic growth and enhancing energy resilience. This paper concludes by providing recommendations for policymakers on how to effectively integrate offshore renewable energy into national and international carbon reduction strategies.