ERM's 2024 Global Offshore Wind Report reveals an acceleration in offshore wind development worldwide. Competitive auctions led governments and industry to award nearly 40 GW of offshore wind lease and power contracts in the past year.
Excluding China, an additional 3 GW was brought online by developers, bringing the global total to 68 GW in operation. This growth persists despite economic challenges such as rising inflation, geopolitical uncertainty, and supply chain constraints.
Floating offshore wind technology shows promise, potentially unlocking more sites for development compared to traditional fixed-bottom foundations.
However, the report highlights a shortfall in offshore wind deployment to meet the COP28 pledge of tripling renewables by 2030. Current projections indicate a capacity of up to around 233 GW by 2030 and up to 340 GW by 2033, falling short of the estimated 494 GW needed by 2030 to limit temperature rise to 1.5°C, as per IRENA's assessment. ERM estimates a global development pipeline of over 1,360 GW for offshore wind, indicating sufficient capacity to meet the tripled global renewable capacity by 2030 target. However, unlocking this potential requires action from developers and governments.
