Most countries set to miss offshore wind targets

The ‘Global Offshore Wind Market Report: COP27 Highlights’ revealed that only Vietnam, Poland and Denmark are set to meet or exceed 2030 offshore wind targets.

According to predictions from the International Renewable Energy Agency (IRENA), the world will need an installed global capacity of 270GW of offshore wind by 2030, and 2000GW by 2050. Meeting these targets requires the equivalent of the installation of the current global capacity every year until 2030 and then installation 2.5 times that amount (86.5GW per year) for each of the following 20 years.

To date, research from RCG’s Global Renewable Infrastructure Projects (GRIP) database shows that the target will be missed by seven per cent. To reach RCG’s 2030 forecast, an average capacity of 24.5GW will need to be installed annually.

“In spite of the impressive number of offshore wind projects in development, the majority of countries [will] need additional action to hit their 2030 offshore wind specific targets,” said Breanne Gellatly, partner and global lead, strategy and markets for the Renewables Consulting Group, an ERM Group Company.