“There has never been a better time” for offshore wind developers to move into emerging markets, according to World Bank offshore wind development programme co-lead Sean Whittaker.
Speaking at the WFO Global Summit in Barcelona, he said that challenging economic headwinds should not prevent developers from establishing first mover advantage by tapping into more than 13TW worth of potential wind power outside core markets in Europe, Asia and North America.
Whittaker added that his organisation has helped 26 countries to accelerate deployment and develop project pipelines since 2019. It has been provided with a $12m budget to provide further technical assistance and develop roadmaps for nations including Romania, which had no installed capacity in 2019 but is now preparing to legislate for a 3GW target by 2035.
He said: “We have had a difficult time lately with rising inflation rates and commodity prices. But the time is right to invest time and energy in these newer markets. It’s like the stock market when you buy low and sell high – it’s cyclical so you want to get in at the right time.
“Emerging markets are the next frontier for offshore wind and even in troubled times we should view them as an opportunity to develop. It is our job to help these newer countries to overcome those hard first lessons and to pave the way for accelerated deployment.”