A review of the impact and achievements of some trailblazing governments, corporates, investors, and civil society across EM&DEs over the last decade also reveals the opportunities that transitioning to a low-carbon economy can generate. In this piece, the authors provide Macquarie’s perspective on why supporting decarbonisation in EM&DEs is central to global climate change mitigation efforts.
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Since the ambitious 30 GW by 2023 offshore wind target was released by the Biden–Harris Administration, there has been a noticeably positive attitude towards pushing the rollout of offshore wind on the political agenda. Although no new offshore wind turbines were installed in the US in 2022, the US offshore wind market continues to gain strong momentum in both state and federal waters.
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Offshore wind holds tremendous promise for many emerging markets as a large-scale, clean, reliable form of new electricity generation with the potential to stimulate valuable economic benefits. However, developing a new offshore wind sector in an emerging market is no easy task. Decision makers must strike a careful balance as they consider a range of technical, political, environmental, and social challenges.
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Just 1% of the world’s offshore wind resource could provide 10% of our electricity demand. By 2030, it’s expected that over 230 GW of offshore wind will be operating globally; a seven-fold increase from the 32 GW today. New, emerging markets will contribute to this increasing capacity and offshore wind can play a significant role in their future economic growth.
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