Forum will bring together emerging markets with strong offshore wind energy potential, with representatives from 15 governments expected to attend.
World Bank and the International Finance Corporation (IFC) have launched program to fast-track the adoption of offshore wind energy in developing countries.
GWEC Market Intelligence expects global offshore wind capacity to grow to 210GW in 2030 from 23GW in 2018, with $500bn to be invested.
The Global Wind Energy Council (GWEC) in cooperation with the World Bank Group, is organizing the first intergovernmental forum on emerging offshore wind markets in London during 25-28 June.
The forum will be attended by delegates from around 15 non-OECD governments as well as representatives from industry and investors, and will encompass a series of activities, including a seminar at the UK’s Department for Business, Energy & Industrial Strategy (BEIS), networking activities at Renewable UK’s Global Offshore Wind conference and exhibition and a study tour of offshore wind facilities in the northern UK.
“We have seen that there is a keen interest among emerging markets to explore the potential for offshore wind,” said Bertrand de la Borde, IFC Director and Global Head of Energy and Mining “This event will be an opportunity for the delegates to learn best practices that can be applied in the development of a competitive offshore wind sector in their home markets.”
“We expect this event to constitute a major step forward to advancing the adoption of offshore wind in developing countries,” says GWEC CEO Ben Backwell. “These countries have everything to gain in terms of attracting investments and creating jobs and benefiting from the cost-effective clean energy which offshore wind creates.”
“We are delighted that the World Bank Group has chosen to co-host this event in London alongside RenewableUK’s Global Offshore Wind conference to meet with senior industry figures. The UK is a global leader in offshore wind and there is no better market in the world to get to know the issues, investment opportunities, and companies working on the global energy transition in 2019” says Maf Smith, the Deputy Chief Executive of RenewableUK
The World Bank Group announced a new program in March to fast-track the adoption of offshore wind energy in developing countries. Through that program, supported by the United Kingdom, the World Bank and IFC will help emerging markets assess 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 nearly five-fold since 2011, with 23 gigawatts installed at the end of 2018 and a large volume of planned projects in Europe, China and the United States. Offshore wind now represents about $26 billion in annual investments – or 8 percent of new global investments in clean energy – and this proportion is set to increase dramatically, with the industry set to reach 210GGW of installed capacity by 2030, $500 billion expected to be invested in offshore wind projects.
Led by the World Bank’s Energy Sector Management Assistance Program (ESMAP), in partnership with IFC, the $5 million program is being initiated thanks to a GBP£20 million grant to ESMAP from the United Kingdom government to help low- and middle-income countries implement environmentally sustainable energy solutions.
The program is taking place in cooperation with the GWEC and its recently-formed Global Offshore Wind Task Force, which brings together leading offshore wind developers, equipment manufacturers and service providers to support emerging markets in creating a regulatory and business environment conducive to offshore wind market growth.
This forum will convene developing country governments, commercial developers, development partners, and wind energy experts to raise awareness around offshore wind opportunities in emerging markets and lay the groundwork for a pipeline of new projects that could be supported by World Bank or IFC financing. The World Bank and IFC will work with public and private sector partners to undertake technical studies and develop national strategies to facilitate the adoption of this increasingly cost-competitive technology.
The GWEC Global Offshore Wind Task Force was established in September 2018 and is chaired by Alastair Dutton, who previously worked for the UK Crown Estate, BEIS and BP. Its purpose is to advise governments on regulatory frameworks and tendering systems for offshore wind; measure and highlight the economic and social benefits of offshore wind and the deployment of local supply chains; foster technological innovation and the testing of new turbines, installation techniques and operations and maintenance (O&M) strategies, including promoting the benefits of digitalisation; spread best practices and transfer knowledge from Europe and other established markets to new and developing markets; and, create appropriate forums to promote the growth of the global offshore wind industry, from seminars and technical workshops to conferences and exhibitions. Henrik Stiesdal, the former Siemens Windpower CTO and the “father” of the offshore wind energy industry, acts as GWEC Ambassador for the Global Offshore Wind Task Force.