Wood Mackenzie has released a report titled “How to develop a sustainable development roadmap for the offshore wind power industry?”
The report points out that governments around the world have clearly identified offshore wind power as a crucial pillar for decarbonization and energy security. However, despite demonstrating its capability to provide carbon-free electricity at relatively competitive prices, the supply chain supporting the industry still needs to expand in scale. Without transformation, this could become an obstacle to achieving decarbonization goals. Factors constraining the supply chain stem from uncertainty in demand and lack of profitability.
Investing $27 billion in developing the offshore wind power supply chain by 2030 may not seem like much against the backdrop of tackling the multi-trillion-dollar climate crisis. However, as developers and suppliers face squeezed profits, developers are canceling purchase agreements and delaying projects, making this amount increasingly out of reach.
As the dominoes begin to fall, the offshore wind power industry, particularly policymakers, must seize this opportunity to chart a more sustainable development path for offshore wind power. This will not only impact projects currently being installed or planned for 2030 but also the projected 1.4TW offshore wind power capacity expected to be grid-connected by WoodMac by 2050. This offshore wind power capacity will help transform the way we provide electricity to the world.

The full report is as follows:

horizons-august-2023-offshore-wind

https://www.woodmac.com/horizons/cross-currents-charting-a-sustainable-course-for-offshore-wind/