The UK could miss its 2030 offshore wind targets by as much as 18 years, according to a report published Friday by the IPPR. The London-based research company said that, given the country’s current trend, it is not set to meet its offshore wind targets until at least 2048.

To achieve its 50GW ambition by 2030, the IPPR said that the UK must triple installation of offshore wind in the next seven years.

According to the report, the UK is also not manufacturing as many wind turbines as it should be. The country does not have any nacelle manufacturing facilities or any large businesses involved in the production of wind towers.

The UK currently lags behind European countries such as Denmark, Germany and Spain. Had it carried out wind manufacturing to the same extent as its European counterparts in the past decade, it would have reaped around $38bn (£29.79bn) in economic activity between 2008 and 2022, claimed the IPPR.

The results come despite the fact that the UK has the second-highest offshore wind capacity in the world behind China.

In contrast to the UK, China has an established offshore wind manufacturing sector. The Asian nation accounts for three-fifths of the world’s manufacturing capacity in wind nacelles and blades, and Chinese businesses dominate the market in building specialised vessels for offshore wind deployment.

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The IPPR recommended that the UK revives its wind turbine manufacturing industry to reduce its imports and energy dependence on other countries.

Simone Gasperin, associate fellow at IPPR, said: “The UK has missed out from becoming a world leader not just in wind power but also in wind manufacturing. This has cost thousands of jobs, billions for the economy and is putting future net-zero targets for wind deployment at risk.”

“However, the UK is uniquely placed to become a world leader in manufacturing equipment for offshore wind farms.”

The report added that the UK Government must encourage offshore wind investment through policy, including a provision for contracts for difference to ensure that developers have long-term contracts and some guarantee of a return on large fixed-capital investment.