Around a quarter of the world’s offshore wind potential is within the waters of low- and middle-income countries. Accelerating its uptake in emerging markets has become essential in their transition from fossil fuels.
The offshore wind industry has matured rapidly over the past decade. The accelerating growth of deployment —largely in countries of the Organisation for Economic Co-operation and Development (OECD) and China, has resulted in costs falling by nearly 70 percent since 2012. Offshore wind can provide gigawatts (GW)-scale generation that is close to matching coastal demand with capacity factors exceeding 50 percent at cost-competitive prices.
Coupled with declining costs and advancing technologies, thousands of highly skilled jobs can be created and sustained by new offshore wind markets. This not only adds to the electricity mix, but also provides a valuable contribution to emerging economies in their transition to a decarbonized energy sector.