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.