Page 7 - AfrElec Week 09 2021
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AfrElec COMMENTARY AfrElec
years alone.
“The continued growth of the offshore wind over 71,000 GW of offshore wind potential glob-
industry globally throughout the pandemic is ally with current technology, and tapping into
a testament to the resilience of this booming this resource will be key to keep global warming
industry,” said Feng Zhao, head of market intel- below 1.5°C [above] pre-industrial levels, while
ligence and strategy at GWEC. generating significant economic benefits. To
“Although China was hit first by the COVID- realise this potential, industry and government
19 crisis, the impacts on the offshore wind sec- collaboration will be key, along with stable poli-
tor were minimal, resuming ‘busines-as-usual’ cies to provide a long-term horizon for industry
as early as March 2020. China’s record-breaking growth,” said Alastair Dutton, chair of Global
growth is expected to continue in 2021, driven Offshore Wind Task Force at GWEC.
by an offshore wind installation rush to meet “Accelerating the commercialisation of float-
China’s feed-in tariff [FiT] deadline by the end ing offshore wind this decade will also be crucial
of this year,” he said. to open new doors for the sector, and capture
Looking ahead, Asia-Pacific is forecast to more wind resource than ever thought possible”,
continue to dominate new additions, with the he added.
US expected to catch up later in the decade.
“While Europe remains the largest offshore Greater growth ahead
wind market globally, Asia-Pacific will play an In its 2019 Global Wind Report, which was
increasingly important role driving industry released in March 2019 and covered pre-
growth, as major economies such as Japan and COVID-19 performance, the GWEC forecast
South Korea have recently established ambitious that by 2024, 50 GW of offshore would be added
offshore wind targets. The US will also become in five years, compared with a combined 355
an increasingly important market for offshore GW for both onshore and offshore wind.
wind, as the new administration has made it Offshore is set to expand its market share to
clear they are working to accelerate growth of 20% in 2024 from 10% in 2019.
this crucial industry,” he added. With 2020 additions standing at just over 6
Offshore wind is a key technology that can GW, this suggests that growth must be far greater
enable the world to meet its 1.5°C commitment, in the next four years. The wind sector expects to
although stable policies from governments and benefit from a post-COVID-19 bump as govern-
long-term investment are needed, the GWEC ments commit to investing in green technology
argued. to drive post-COVID recovery.
“We are only seeing the tip of the iceberg Indeed, offshore wind demonstrated its resil-
when it comes to offshore wind’s massive poten- ience in 2020, and is now well-placed to show
tial. The World Bank Group reports that there is greater growth in the next four years.
Week 09 04•March•2021 www. NEWSBASE .com P7
