Energy Transitions Commission 261d ago

Offshore wind is already delivering large-scale clean electricity at a competitive cost around the world. In Western Europe, costs fell 60% between 2015-2022. Installations are growing rapidly. From 2015 to 2023, global capacity has expanded sixfold from 12 to 74 GW, already producing energy for around 90 million households, and with vast potential to scale further. Estimates from the International Energy Agency (IEA) suggest that offshore wind has the potential to generate more than 420,000 TWh per year worldwide, equivalent to 14 times today’s global electricity generation. To achieve a net-zero economy built on clean electricity, annual wind generation needs to grow tenfold, complemented by a thirtyfold growth of solar capacity by 2050. However, most countries are not on track to install sufficient offshore wind capacity by 2030 to align with a net-zero emission trajectory. Read our Insights Briefing, Overcoming Turbulence in the Offshore Wind Sector, to find out more: https://www.energy-transitions.org/publications/overcoming-turbulence-in-the-offshore-wind-sector/