Funding for the energy industry has historically been dominated by major private or state-controlled institutions. Conventional energies such as fossil fuels require capital outlays of millions and sometimes billions of euros, and hence, understandably, citizens or cooperatives have never fully financed a nuclear powerplant or an offshore oil rig. As the urgency of tackling climate change increases, the energy sector is being reconfigured by financing alternatives made possible by renewable energy technologies that are adaptable to local and community investment. Society is simultaneously becoming increasingly electrified, with global electricity consumption forecast to double from 2021 levels, reaching 50,000 TWh by 2050. Rapid growth in the renewables sector will be crucial for meeting this steady increase in demand.

With Putin’s “special military operation” into Ukraine on February 24^th 2022 it became clear to many observers within a week that this was a war. It represented a step change from the various territorial incursions over the past few decades which had gone under the term “New Cold War”. “The New Cold War” was the title of a book (one of several) first published in 2008 sub-titled: “How the Kremlin Menaces both Russia and the West” authored by Edward Lucas. Lucas was the Central and East European correspondent of The Economist for more than 25 years. 

The world is currently experiencing one of the worst energy crises in history. Countries all over the world are beginning to adopt greener strategies by funding and covering their energy needs with green and renewable energy sources. Each of these countries has its own rate of development, but they all share a common goal of achieving carbon neutrality by 2050. In comparison, the European Union appears to have a faster development rate and a different goal, particularly regarding neutrality, of covering all its member states' energy needs with shareable green energy.

The United Kingdom is in the right place to become a global leader in the industrial Carbon Capture, Utilisation and Storage (CCUS) sector. Specific, UK associated industrial development has set a great potential for Industrial Carbon Capture (ICC) application. In fact, the operation of Oil and Gas (O&G) offshore fields has allowed for decades of data on suitable carbon storage sites to be collected, determining that the North Sea’s saline aquifers and depleted reservoirs have a 78,000 MtCO₂ capacity. Figure 1 exhibits the distribution of both CO₂ emission sources from industrial clusters and offshore storage points.

On Thursday 24 November 2022, Renault signed a contract with Voltalia to supply 350 MW of renewable energy over 15 years from 2027, which should account for half the company’s electricity consumption. This type of contract, also known as a corporate Power Purchase Agreement (cPPAs), is an unprecedented commitment in France in terms of power. On the same day, Engie announced a contract to purchase 100MW with Google in the United Kingdom for 12 years from the Moray West offshore wind project off Scotland. Whilst solar and wind remain dominant, contracts are now emerging for biogas, geothermal, and even hydrogen

The fundamental idea of this technical paper is to understand the feasibility and present the robustness of removing the need to decommission an offshore jacket and instead installing an offshore wind tower (with nacelle, rotor blades and generator) on top of it, thereby saving the costs of decommissioning as well as entirely removing the need to design, build and install a substructure for the new offshore wind tower. The economics of scalability are particularly interesting.