World Bank Targets Offshore Wind Markets
By Laxman Pai
The World Bank Group announced a new program to advance the adoption of offshore wind energy in developing countries and emerging markets.
The World Bank and International Finance Corporation (IFC) will help these markets evaluate their offshore wind potential and provide technical assistance to develop a growing pipeline of projects that are ready for investment by renewable energy developers, said a release from the international financial institution.
The offshore wind industry has grown nearly five-fold since 2011, with 23 gigawatts installed at the end of 2018 and a large volume of planned projects in Europe, China and the United States. Offshore wind now represents about $26 billion in annual investments – or 8 percent of new global investments in clean energy – and this proportion is set to increase dramatically, with about $500 billion expected to be invested in offshore wind projects by 2030.
Photo courtesy of Dana Smillie.