World Bank provides guidance for emerging offshore markets

Posted on 06 October 2021

World Bank provides guidance for emerging offshore markets

The World Bank has released guidance to support emerging offshore wind markets.

The report, published by the bank’s Energy Sector Management Assistance Program (ESMAP), aims to distil experiences from established offshore wind markets into “key success factors for emerging markets”.

Modelling of global decarbonisation scenarios suggests that up to 2000GW of capacity will need to be generated by 2050.

Emerging markets hold an unrealised potential of over 16,000GW of technically extractable offshore wind resources.

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, the report advised.

Through actions such as developing stable offshore wind policies and targets, creating an attractive environment for international financing, and providing bankable power offtake for projects, governments can create a successful and thriving offshore wind sector.

The report highlighted that emerging markets should recognise that offshore wind, due to its large scale and high complexity, is significantly different from other forms of renewable energy, and needs strong, proactive government support to achieve the huge benefits it can bring.

It also advised that emerging offshore wind markets should proactively coordinate agencies to establish robust frameworks with clear processes to deliver bankable outcomes that meet good international industry practice.

Reference: reNEWS