The World Bank’s Energy Sector Management Assistance Program (ESMAP) has published a report for emerging offshore wind markets, leading them through key factors that led to the success of offshore wind development in established markets.
Holding an unrealised potential of over 16,000 GW of technically extractable offshore wind resources, emerging markets are facing numerous technical, political, environmental, and social challenges, according to the report.
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 World Bank said in a press release.
Back in early 2020, the World Bank published an analysis of the offshore wind technical potential for 40 emerging markets around the world, following an earlier report on eight markets from October 2019.
The analysis for the 48 countries identifies a total offshore wind technical potential of 15.6 TW. According to the report, the potential for floating wind is double the potential estimated for fixed-bottom offshore wind technology, with 5.5 TW identified for fixed-bottom wind turbines and 10.1 TW for floating wind.
In its latest report, Key Factors for Successful Development of Offshore Wind in Emerging Markets, the World Bank’s ESMAP provides guidelines for governments in emerging markets to maximise the success of deploying offshore wind, based on the experience from established markets.
Firstly, it should be recognized 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, according to the report.
Furthermore, the governments should clearly communicate the role of offshore wind as part of a long-term strategy and provide certainty through policy commitments to target volumes and dates.
Agencies should be proactively coordinated to establish robust frameworks with clear processes to deliver bankable outcomes that meet good international industry practice, the report says.
Finally, the governments and agencies should collaborate with the industry and stakeholders to gather feedback on learning and experience, and use this to improve policy, frameworks, and delivery.