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New analysis reveals southern state has potential to deliver €72bn of economic growth Tamil Nadu is in pole position to be a major player in India’s clean technology growth story, according to new analysis. A study by Ocean Energy Pathway, supported by GWEC and COWI, claims that Tamil Nadu holds the key to delivering up to 6500 billion INR (€72bn) of economic growth and an additional 805,000 jobs from the offshore wind manufacturing supply chain by 2030. The analysis shows that achieving the government’s target of 37GW of offshore wind by 2030 will bring substantial social and economic benefits to India as a whole, and Tamil Nadu in particular. The report outlines key recommendations to help deliver the significant social and economic potential of the offshore wind industry in India. It says that with the right policy and regulatory frameworks in place, offshore wind can deliver jobs, investment, emissions reductions and trade opportunities all at once. If India’s long-term full potential for offshore wind is realised, the report forecasts that by 2040, offshore wind will contribute total economic growth of 10,700 billion INR (€119bn) and additional employment of 1.25 million full-time jobs. Ocean Energy Pathway’s executive director Charles Ogilvie said: “Offshore wind sits at the nexus of climate and nature, economic growth, and social impact. “This report shows that there are tangible opportunities to supercharge the stellar growth that Tamil Nadu has enjoyed in manufacturing, through a strategic focus on this key sector; supporting India’s world class clean energy ambitions, and playing an important role in the global offshore wind supply chain.” Tamil Nadu stands out due to high wind speeds, shallow seabed depths, and proximity to industrial hubs – already representing 46% of India’s total capacity for manufacturing offshore wind turbines. With the right government support, existing skills and supply chains can be leveraged to accelerate the development of a booming offshore wind manufacturing and services sector, the report said. It calls for a clear pipeline to be established, with sufficient volumes for offshore wind development to attract OEMs to invest in new production facilities within Tamil Nadu. It also recommends financial incentives for investors to accelerate the offshore wind build-out in Tamil Nadu, such as providing a guaranteed power offtake. In addition, the report calls for a clear institutional framework articulating guidelines, regulations, processes, and responsibilities to make the opportunity more attractive to business and investors. |
