Floating wind could inject almost £44bn ($61bn) in gross value add by mid-century into Britain’s industrial ecosystem, creating more than 29,000 jobs in the process, if the UK government stumps up some £2bn to charge-up the sector’s early stage development, new research has found.

A study, by the Offshore Renewable Energy (ORE) Catapult, highlighted the £24m earmarked by Westminster for floating projects in the recent Contracts for Difference (CfD) allocation round was “an extremely welcome move”, but cautioned bringing the 100GW of offshore wind targeted to be online by 2050 was a “huge challenge” that needed “the right policy and regulatory environment”.