Offshore wind deployment timeline insufficient to meet 2030 targets

Only 233 GW will come online by 2030 based on the pipeline, way below the 494 GW goal.

The offshore wind capacity growth needs to be accelerated as it may not meet the commitment to triple renewables capacity by 2030 at the current pace of deployment, according to ERM.

The report found the planned offshore wind auctions and current timelines would only bring the installed offshore wind capacity to around 233 gigawatts (GW) by 2030 and 340 GW by 2033.

This is less than half of the 494 GW of capacity estimated by 2030 which will be crucial in keeping the temperature rise to below 1.5 degrees Celcius.

“Despite a positive picture overall, the report also finds that at current rates of growth, offshore wind deployment will not meet the growth required to achieve the COP28 pledge to triple renewables by 2030,” the report read.

ALSO READ: Global offshore wind capacity rose by 9.8 GW in 2023

Nearly 40 GW of offshore wind lease and power contracts were awarded last year.

“There is no single market entity that can solve these headwinds alone, and accelerating offshore wind deployment requires involvement from multiple stakeholders across policymakers, developers, supply chain and industry,” says Tugce Sahin, ERM Market Intelligence Lead.

Despite this, ERM said that there is more than 1,360 GW of offshore wind in development which could help meet the tripling target but “developers and government now need to move quickly to unlock it.”