Wind Power has the Potential to meet the Worlds Demand for Electricity

Christopher Zenios01/11/20192min
The International Energy Agency reports that offshore wind power has the capacity to supply the world's need for electricity.

The agency reported that due to falling costs of wind power the renewable energy would soon become competitive against fossil energy. It is predicted that the average global cost of energy generated via wind would drop to 40% by 2030.

The executive director of the International Energy Agency Faith Birol commented:

It has the potential to be a major game-changer


Looking at the future of offshore wind . . . it has the potential to join the ranks of shale [gas] and solar photovoltaics in terms of steep cost reductions

The report comes at a time when many countries including France and the UK are working to reduce greenhouse emissions with the goals of zero by 2050. Recently UK universities have turned to green energy in an unprecedented deal with wind farms.

Currently, offshore wind power accounts for only 0.3% of the world’s supply of energy, however, the IEA predicts that by 2040 wind power could be the biggest source of power generation in Europe. The report also found that according to existing government policies investment in offshore wine will amount to 840bn over the next two decades.

Alongside this investment in power, grids will also be required for the growth of offshore wind. The IEA report warned,

Without appropriate grid reinforcements and expansion, there is a risk of large amounts of offshore wind power going unused.

However, with the right infrastructure and investment offshore wind power has the potential to meet the world’s demand for electricity eleven times over.

Christopher Zenios

Christopher has always been a pioneer, a first adopter when it comes to technological advancements. Over the years, his expertise surrounded the real estate and digital markets and their evolution in today's society. After being the editor to various professional business news portals and blogs, he was selected to become the chief editor for HWC. Contact Christopher at +357-22029786 ext: 6110 or by email at [email protected] for editorial related questions.

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