The shift towards sustainable energy calls for a rapid expansion of renewable-based electricity generation. In IRENA’s 1.5˚C Scenario, a significant increase in electrification is envisaged across various sectors by 2050, with global electricity demand reaching 87 000 TWh per year. The renewable energy share in the power generation mix would rise from 28% in 2020 to over 90% in 2050. In terms of generation capacity, with 2020 as a baseline, renewables are expected to increase four-fold (11 174 GW) by 2030 and 12-fold (33 216 GW) by 2050. To be compliant with IRENA’s 1.5˚C Scenario, in the decade to 2030 the average annual additions in new renewable energy capacity will need to be 975 GW, or three times the total capacity added in 2022 (295 GW). Offshore wind is increasingly becoming an attractive solution that several countries are exploring to accelerate their energy transition efforts.
This interest relates to the tremendous wind energy potential available in open waters and to the higher level of social acceptance of floating offshore wind, given that most of these turbines are located far from the coast, which energy players consider to be high-demand “real estate”. The global floating wind industry is still nascent, with around 270 MW of operational capacity as of 2023. However, the global pipeline for new floating projects is 244 GW, evidencing the great interest in this technology. From a market and geopolitical perspective, the G7 countries are increasingly scaling up national efforts to enhance their floating offshore wind capacities. The projected economies of scale are expected to make floating offshore wind competitive and commercially viable by 2035.
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