A report by the International Energy Agency (IEA) has claimed the offshore wind industry will be worth $1tn within the next 20 years. A combination of steep cost reductions and improved technology will unlock the full potential of offshore wind, according to the study, eliminating up to seven billion mt of carbon emissions from the global power sector. The study was commissioned in response to a request made by US President Barack Obama for an independent review into how best to address climate change.
A report by the International Energy Agency (IEA) has claimed the offshore wind industry will be worth $1tn within the next 20 years. A combination of steep cost reductions and improved technology will unlock the full potential of offshore wind, according to the study, eliminating up to seven billion mt of carbon emissions from the global power sector. While the technology currently accounts for just 0.3% of global electricity generation, capacity is set to increase 15-fold over the next two decades.