A new report has warned that the world is likely to miss its floating offshore wind targets, but there is still a chance to meet them.
According to 4C Offshore’s Global Floating Wind report, many countries are falling behind their 2030 targets to install floating wind capacity.
However, the report notes that, rather than being a supply issue, 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 kick-start floating offshore wind in their territories.
But the report found that, although the current trajectory points in the wrong direction, there is still time to regain some lost ground. With the potential for floating wind installation to begin within seven years of site award, the world is now entering a crucial window of opportunity.
The latest report estimates that 14GW of floating wind power will be installed or in construction offshore by 2030.
However, this represents only 5% of the total expected offshore wind installations and is less than the 54GW targeted by the world’s energy regulators.
Although countries like Japan, Norway, Portugal, and the UK were first out of the blocks, the US and South Korea appear to carry the greatest momentum.
Both are expected to produce around 10GW of energy from floating wind capacity by 2035, representing nearly half of the world’s total. China is also expected to commercialise quickly, with the first GW-scale project being commissioned before 2030.
“Compared with the previous report from May 2022, our forecasts to 2030 and 2035 have both been reduced by 2GW”, explained Ivar Slengesol, vice-president of new energy solutions at TGS, 4C’s parent company.
“This decrease reflects continued policy-side delays and slow authorization processes in multiple countries. Despite high ambitions from developers, with several companies having floating project pipelines greater than 10 GW, development will slow without proper government support.”
Richard Aukland, Director of Research at 4C Offshore, added: “Governments must shift their focus from the 2030-2040 time horizon to the here and now. 2023 must be a year of decision-making and action if commercial-scale projects are to hit the water this decade.”