Offshore Wind Can Power The World, Says IEA

The IEA says in its new report, “Offshore Wind Outlook 2019”, that offshore wind could generate 11 times more electricity than the world needs and could attract $1 trillion investment by 2040.

The report states that offshore wind has the potential to generate more than 420,000 TWh of electricity per year worldwide, which is more than 18 times global electricity demand today.

The IEA says that “the promising outlook for offshore wind is underpinned by policy support in an increasing number of regions,” including Northern Europe and China.

With current policies aiming to multiply offshore wind capacity by 4 over the next decade, offshore wind is set for robust growth in the EU. The agency forecasts that China is likely to have the world’s largest offshore wind fleet by 2025, overtaking the U.K., currently the world leader, and boosting its offshore wind capacity from 4 gigawatts today to 110 gigawatts by 2040.

In his foreword to the report, International Energy Agency executive director Fatih Birol notes: “Offshore wind currently provides just 0.3% of global power generation, but its potential is vast … much work remains to be done by governments and industry for it to become a mainstay of clean energy transitions.”

Click to access Offshore Wind Outlook 2019.