Offshore wind holds tremendous promise for many emerging markets as a large-scale, clean, reliable form of new electricity generation with the potential to stimulate valuable economic benefits. However, developing a new offshore wind sector in an emerging market is no easy task. Decision makers must strike a careful balance as they consider a range of technical, political, environmental, and social challenges.
The report, developed by the Energy Sector Management Assistance Program (ESMAP), is a publication of the World Bank Group’s Offshore Wind Development Program led by ESMAP in partnership with the International Financing Corporation (IFC), which looks at offshore wind development as a potential source of renewable energy.
The Offshore Wind Development Program was established in 2019 with the aim of accelerating the uptake of offshore wind in emerging markets by supporting the inclusion of offshore wind into the energy sector policies and strategies of World Bank Group client countries and the preparatory work needed to build a pipeline of bankable projects.