Insufficient Offshore Wind Expansion Hindering Net-Zero Targets

The offshore wind industry is preparing for a new era of dramatic growth as governments turn to technology and establish ambitious new targets in their search for energy security and affordability and strive to meet new net-zero emissions ambitions.

FREMONT, CA: European Governments are becoming more aspirational about offshore wind, according to GWEC's Global Offshore Wind Report 2022. According to GWEC Market Intelligence, 260 GW of new offshore wind capacity might be added in 2022–2030, increasing the total number of offshore wind installations to 316 GW by the end of this decade. This is an increase of 45.3 GW, or 16.7 per cent, from the report from the previous year. Governments have increased their offshore wind ambitions as a result of the energy crisis and Russia's invasion of Ukraine to safeguard their energy sources. Approximately 370 GW of capacity will be available globally by 2031, which is close to the GWEC/IRENA Offshore Wind Energy Compact's goal of 380 GW of offshore wind deployments by 2030. The conversion of these aspirations into actions would require a massive effort if we are to go farther and reach the 380 GW level by 2030. Together, the government, industry, and other interested parties must make sure that seabed concessions are licenced at the proper rate, planning procedures are streamlined and made more effective, and procurement schemes like auctions can produce prices that are sustainable and take into account the systemic and social benefits of offshore wind energy.

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Inaction would jeopardise the chance for offshore wind to advance the energy transition on a large scale, generating major local and national employment opportunities, fostering economic growth, and bringing down energy costs while promoting energy security.  The data also provides a convincing illustration of the results that closely coordinated ambition and action may produce. China was responsible for 80 per cent of new offshore installations last year, making 2021 the fourth consecutive year that it has been the global leader in new installations. Vietnam's proactive attitude resulted in increased capacity, and Asia is likely to overtake Europe as the world's largest offshore market by the end of 2022. According to the analysis, Europe might not occupy the top spot again until 2031. Globally, floating offshore wind now has 121.4 MW installed, demonstrating that the technology has moved from demonstration to pre-commercial level. 48 MW of those new installations were located in the UK, followed by 5.5 MW in China and 3.6 MW in Norway. 315 GW of additional offshore wind power will be added by 2031. As the amount of annual offshore wind installations are anticipated to more than double from 21.1 GW in 2021 to 54.9 GW in 2031, offshore is likely to account for at least 30 per cent of all new worldwide wind installations, up from 23 per cent in 2021.

In light of the UK's increased floating wind target and the speeded-up floating project development activities in Europe, Asia, and North America, which have increased the current global floating project pipeline to 120 GW, GWEC has upgraded its 2030 global floating wind forecast by 14 per cent from last year's report and projects that 18.9 GW is likely to be built globally by 2030, of which 11 GW will be in Europe, 5.5 GW in Asia, and the remaining GW in North America. Additionally, more than 700 GW of offshore wind projects, including 120 GW of floating wind, have been recognised by GWEC Market Intelligence as being in various phases of development worldwide.