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New report from Arup and the World Bank supports emerging markets to successfully develop offshore wind

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Felicity Baker Felicity Baker Marketing Manager,New York
30 September 2021

The World Bank’s Energy Sector Management Assistance Program (ESMAP) have today launched a new report, prepared by Arup and BVG Associates, which outlines the key factors for successfully developing offshore wind in emerging markets. The report examines and distils experiences from established offshore wind markets to develop the guidance. Offshore wind is a rapidly growing industry which holds tremendous promise for many emerging markets as a large-scale, clean and reliable form of new electricity generation. It also has the potential to stimulate valuable economic benefits, reduce emissions and increase energy access. Modelling of global decarbonization scenarios suggests that up to 2,000 gigawatts (GW) of capacity will need to be generated by 2050.

Emerging markets hold an unrealized potential of over 16,000 GW of technically extractable offshore wind resources. However, according to the report, entitled 'Key Factors for Successful Development of Offshore Wind in Emerging Markets', developing a new offshore wind sector in an emerging market is not an easy task. Decision makers must strike a careful balance as they consider a myriad of technical, political, environmental, and social challenges. 

Using experience from established markets, the report recommends that, in order to maximize the success of deploying offshore wind, governments in emerging markets should:

• Recognize that offshore wind, due to its large scale and high complexity, is significantly different from other forms of renewable energy, and needs strong, proactive government support to achieve the huge benefits it can bring.

• Clearly communicate the role of offshore wind as part of a long-term strategy and provide certainty through policy commitments to target volumes and dates.

• Proactively coordinate agencies to establish robust frameworks with clear processes to deliver bankable outcomes that meet good international industry practice.

• Collaborate with industry and stakeholders to gather feedback on learning and experience, and use this to improve policy, frameworks, and delivery.

 
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Over the last two decades enormous progress has been made in the development of offshore wind and the technology has demonstrated it can be delivered at scale and deliver cost competitive, reliable and low carbon energy. Our report highlights key learnings from established geographies to accelerate the development of new offshore markets wind where they can make the greatest contributions to net zero.
” James Theobalds James Theobalds Associate Director, Transactions

Download the report and read the full press release from ESMAP