Asia could grow its share of installed capacity for onshore wind from 230 gigawatts in 2018 to over 2600 gigawatts by 2050, a new report by the International Renewable Energy Agency (IRENA) finds. By that time, the region would become a global leader in wind, accounting for more than fifty per cent of all onshore and over sixty per cent of all offshore wind capacity installed globally.
According to the report “Future of Wind”, published at China Wind Power in Beijing today, global wind power could rise ten-fold reaching over 6000 gigawatts by 2050. By midcentury, wind could cover one third of global power needs and – combined with electrification – deliver a quarter of the energy-related carbon emission reductions needed to meet the Paris climate targets. To reach this objective, onshore and offshore wind capacity will need to increase four-fold and ten-fold respectively every year compared to today.
‘With renewables, it’s possible to achieve a climate-safe future,’ said IRENA’s Director-General Francesco La Camera. ‘Low-cost renewable energy technologies like wind power are readily available today, representing the most effective and immediate solution for reducing carbon emissions. Our roadmap for a global energy transformation to 2050 shows that it is technically and economically feasible to ensure a climate-safe, sustainable energy future. Unlocking global wind energy potential will be particularly important. In fact, wind energy could be the largest single source of power generation by mid-century under this path. This would not only enable us to meet climate goals, but it would also boost economic growth and create jobs, thereby accelerating sustainable development.’
The global wind industry could become a veritable job motor, employing over 3.7 million people by 2030 and more than 6 million people by 2050, IRENA’s new report finds. These figures are respectively nearly three times higher and five times higher than the slightly over one million jobs in 2018. Sound industrial and labour policies that build upon and strengthen domestic supply chains can enable income and employment growth by leveraging existing economic activities in support of wind industry development.
Yet, to accelerate the growth of global wind power over the coming decades, scaling up investments will be key. On average, global annual investment in onshore wind must increase from 67 billion US dollars today to 211 billion in 2050. For offshore wind, global average annual investments would need to increase from 19 billion US dollars to 100 billion in 2050.
Statistical Highlights
The key finding of the report is that Asia will become the dominant player in the wind industry, but the study also shows some other interesting statistical highlights.
For instance, the US would be the second-largest player in onshore wind accounting for 23 per cent of global installed capacity. In the offshore industry, however, Europe would topple the US and come in second with a 22 per cent market share.
Within Asia, China would take the lead with 2525 gigawatts of installed onshore and offshore wind capacity by 2050, followed by India (443 gigawatts), Republic of Korea (78 gigawatts) and South-East Asia (sixteen gigawatts).
Wind turbine size for onshore applications will increase, from an average of 2.6 megawatts in 2018 to four to five megawatts for turbines commissioned by 2025. Offshore applications will likely increase to fifteen to twenty megawatts in a decade or two. Floating wind farms could cover around five to fifteen per cent of the global offshore wind installed capacity (almost 1000 gigawatts) by 2050.
The full report “Future of Wind” can be found here.
This article has also been published on Project Cargo Journal, a sister publication of SWZ|Maritime.
