World Bank Sees ‘Transformational’ Offshore Wind Potential in Emerging Markets
The bank estimates its potential in these countries as 3.1 TW – which is about three times the installed electricity generating capacity of all EU countries. This includes 1,016 GW of fixed and 2,066 GW of floating potential.
“For most of these countries, offshore wind estimates represent a multiple of their currently installed total generation capacity,” the report said.
“This suggests offshore wind can play a transformational role meeting national goals ranging from expanding electricity access to increasing the mix of renewable resources in the energy mix, all while contributing to the sustainable development goals and commitments made under the Paris Agreement.”
The authors of the report noted that, as prices continue to fall, offshore wind is increasingly gaining traction in emerging markets, beyond its current proliferation in Europe and China. By some estimates, offshore wind could add anywhere between 7 GW and 11 GW per year from 2019 to 2024, with substantial potential in developing countries.
Photo courtesy of Dana Smillie.