Wind electricity increased a record amount, but more effort is needed
However, to get on track with the Net Zero Emissions by 2050 Scenario, which has approximately 7 900 TWh of wind electricity generation in 2030, it is necessary to raise average annual capacity additions to almost 250 GW, more than double 2020’s record growth. Much greater efforts are needed to achieve this level of sustained capacity growth, with the most important areas for improvement being facilitating permitting for onshore wind and cost reductions for offshore wind.
Wind will grow faster than over the previous five years
In 2022, annual offshore wind capacity additions are forecast to decline more than 30% compared with 2021 because China’s record expansion of last year will halve now that developers are no longer rushing to beat subsidy phaseouts. Still, global annual offshore wind installations are expected to increase 50% to over 30 GW in 2027, propelled by policy support in the European Union, the United States and China. Taking long lead times and existing auctions and leasing schedules into consideration, further upside potential is possible but limited. Accordingly, offshore wind capacity growth is 20% higher in the accelerated case, with China claiming the majority.
Offshore wind has a remarkable potential
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