The statement has been calculated according to today’s investments, plans and policies resulting in the offshore wind business growing 13% annually, “passing 20 GW of additions per year by 2030.”
the IEA’s Offshore Wind Outlook 2019 revealed that in 2010 $8 billion was invested whereas today there is a massive difference of a $20 billion investment last year.
The IEA reports that if goals relating to climate and green energy are met then additions in capacity will need to come near to 40 GW a year during the 2030s which has the potential to cumulative investment to more than $1.2 trillion.
IEA’s Executive Director, Faith Birol commented:
In the past decade, two major areas of technological innovation have been game-changers in the energy system by substantially driving down costs: the shale revolution and the rise of solar PV,
And the offshore wind has the potential to join their ranks in terms of steep cost reduction.
The area of wind power is mainly led by Europe and China. Global Windcapacity stands at 23 GW with 80% of this coming from Europe.
Europe has a capacity of 20 GW but if promises to fulfil current and future policies are kept this capacity could be increased to 130GW by 2040. If these goals are met alongside goals of carbon neutrality are also met the potential could approximately 180GW.
China also has a promising future in offshore wind power, currently producing 4 GW China has the potential to reach 170GW by 2040.
Offshore wind currently provides just 0.3% of global power generation, but its potential is vast,” the IEA’s Birol commented. Adding, More and more of that potential is coming within reach, but much work remains to be done by governments and industry for it to become a mainstay of clean energy transitions.
In other news, it has been reported that wind power has the potential to meet the Worlds demand for electricity.
Image source by WindEurope