Global offshore wind will attract a cumulative $1 trillion in investment by 2040

According to a recent report released by the International Energy Agency (IEA), the global offshore wind industry is expected to grow 15-fold by 2040, attracting a cumulative investment of $1 trillion
.

In his remarks, IEA Executive Director Dr Fatih Birol said: "The shale revolution and the rise of solar PV over the past decade are two major areas that are game-changing the energy system by drastically reducing costs
.
Now, offshore wind has the potential to join the ranks
when it comes to drastic cost reductions.
”

Although offshore wind was born in European waters and is currently seen as a traditional European technology, this perception
will change significantly in the coming decades.
Currently, the EU has almost 20 gigawatts (GW) of offshore wind capacity, and under current policies, this figure is expected to increase to 130 GW
by 2040.
If the EU is to meet its goal of carbon neutrality, offshore wind capacity will need to jump to around 180 GW by 2040 and become the region's largest single source
of electricity.

However, in the coming years, China will enter the lead in the technology, and it is particularly attractive
as offshore wind energy proves to be a source of electricity for major population concentrations in the east and south of the country.

The IEA believes that China could surpass the UK to have the world's largest offshore wind capacity by 2040, and its installed offshore wind capacity will increase from around 4 GW today to 110 GW
by 2040.
Efforts
to achieve global sustainable energy targets of up to 170 GW or more.

In addition, Japan and the United States will also usher in a period
of rapid development of offshore wind power in the next 20 years.

Fatih Birol said: "Offshore wind currently accounts for only 0.
3% of global electricity generation, but the potential is huge and there is still a lot of work to be done by governments and industry to make it a pillar of the clean energy transition
.
”