Emergency Contact Challenges and opportunities for oil and gas shipowners in transitioning to renewables Home Latest updates News Challenges and opportunities for oil and gas shipowners in transitioning to renewables 3 Mar 2023 Download Sign up for alerts Renewable energy production has been expanding across the globe for decades, and with this expansion comes a rapid growth in the shipping fleet required to build, operate and service the infrastructure. For Members who currently work in the oil and gas industry, there are clear parallels with renewables work. However, whilst redeploying assets across sectors, or acquiring new assets and technology can present opportunities in the current market, both scenarios also present unique challenges. In 2010, less than 20% of global power generation came from renewables, whereas in 2021 the figure had risen to 28.7% . Events of the last year have further highlighted the benefits to countries in producing local, clean energy, as opposed to relying on the procurement of fossil fuels. International climate pledges to reduce carbon emissions to net zero by 2050 will require renewables’ share of power to reach 90%. The IEA advise this will require annual  capacity  additions  in the  wind  and  solar industries that are five‐times higher than that seen by 2021. Aligned with this, industry commentators predict demand for specialist vessels, especially those designed to work in the offshore wind environment, to outstrip supply for decades to come . We provide cover to vessels covering the whole spectrum of operations in the windfarm sector. The growth in the number of vessels operating in these renewables sectors is generating a new composition of claims, with new specific insurance requirements. The regulatory environment and the customers are distinct, and the contracts in use, whilst possessing some similarities, have novel and sometimes nascent formats and clauses. The Club is avail