Global floating wind is set to miss 2030 targets, but a new report from 4C Offshore, a TGS Company, says it’s not too late.
The world’s largest floating offshore wind farm to date, Equinor’s 88MW Hywind Tampen (Norway), started to produce power in late November 2022. However, slow policy and regulatory processes continue to delay the growth of this large-scale renewable energy technology.
The gap between ambition and action must be closed.
These are the findings of the latest report by leading offshore wind market analysts, 4C Offshore, whose study indicates that though the near-term goals of floating offshore wind are struggling to be met, they may not yet be out of reach. November’s Floating Wind Progress Update indicates that targets for 2030 wind production from floating (rather than fixed) wind farms are set to be missed across the globe. Interestingly, rather than being a supply issue, the report notes that lack of progress is often down to administrative delays, with governments failing to follow up on their climate promises with clear policies and permitting and regulatory frameworks to kickstart floating offshore wind in their territories.
Since the previous report from mid-2022, estimates for 2030 installed capacity have been revised down by 2GW. Globally, there is now expected to be 14GW and 46GW of floating offshore wind in operation or under construction in 2030 and 2035, respectively. This represents around 5% of the global offshore wind market, which is dominated by bottom-fixed installations. “The decrease in our estimates reflects continued policy-side delays and slow authorization processes in multiple countries,” explains Ivar Slengesol, Vice President of New Energy Solutions at TGS, 4C Offshore’s parent company. “Despite high ambitions from developers, with several companies having floating project pipelines greater than 10GW, project development is too slow. We predict development will not move fast enough without proper government support.”
Key message
But a key message from the report is that ... [continued]
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