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Global offshore wind capacity is expected to reach -1,000 GW by 2050

US and in particular Asia are expected to join Europe in leading the build-out of offshore wind

Offshore wind to increase substantially in order to meet

net zero targets in all regions

Actual and forecasted cumulative offshore wind capacity GW

 

 

Ambitious offshore commitments

USA

USA Biden announced a 30 GW goal for offshore wind by 2030 to unlock 110 GW by 2050

South Korea

South Korea pledged to become one of the world’s top five offshore wind energy powerhouses with 18GW of offshore wind by 20342

Japan

Japan’s Offshore Wind Power Promotion Act supports floating technology to meet Japan’s ambitious targets of ~90 GW capacity by 2050

European Union

The EU Offshore Wind Strategy aims for 300 GW of offshore wind by 2050, and floating wind, requiring an investment of ~EUR 800bn by 2050

Source: IEA: World Energy Outlook 2020; European Commission; Japan Wind Power Association; The White House

Notes: 1) Current estimated capacity in US by 2030 is ~23 GW across sources incl. IEA and BNEF. 300 GW is the recent target from the

Biden Administration.

2) According to BNEF, South Korea is expected to have 3.0 GW in floating offshore wind capacity by 2035, followed by the UK.