The World Bank Group announced a new program to advance the adoption of offshore wind energy in developing countries. The World Bank and IFC will help these markets evaluate their offshore wind potential and provide technical assistance to develop a growing pipeline of projects that are ready for investment by renewable energy developers.
The offshore wind industry has grown about five times since 2011, with 23 gigawatts installed at the end of 2018 and a large volume of planned projects in Europe, China and the US. Offshore wind now accounts for around 8% of new global investments in clean energy. In fact, this is expected to increase significantly, with about $500 billion expected to be invested in offshore wind projects by 2030.
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This could be an important opportunity for countries with strong offshore wind resources, such as Brazil, Indonesia, India, the Philippines, South Africa, Sri Lanka, and Vietnam. Offshore wind can also supply additional clean generation capacity for developing countries with populations living without access to reliable electricity.
Led by the World Bank’s Energy Sector Management Assistance Program (ESMAP), along with IFC, the US$5 million program starts due to a GBP£20 million grant to ESMAP from the UK to help low- and middle-income countries implement environmentally sustainable energy solutions.
The program will take place in collaboration with the Global Wind Energy Council (GWEC) and its recently-formed Offshore Wind Task Force which gathers offshore wind developers, equipment manufacturers and service providers.
The program will also convene developing country governments, commercial developers, development partners, and wind energy experts to increase awareness regarding offshore wind opportunities in emerging markets. It also aims to establish the base for a pipeline of new projects that could be supported by World Bank or IFC financing.
Namely, the World Bank and IFC will cooperate with public and private sector partners to conduct technical studies and set out national strategies to enable the adoption of this technology.
Offshore wind is a clean, reliable and secure source of energy with massive potential to transform the energy mix in countries that have great wind resources. We have seen it work in Europe – we can now make use of global experience to scale up offshore wind projects in emerging markets
Riccardo Puliti, Senior Director and Head of Energy and Extractives at the World Bank, stated.
