As per IRENA’s projections, global deployment of 2000 GW of offshore wind by mid-century is required to successfully attain the Paris commitment. This is a significant opportunity for economic growth and job creation, and it is essential to invest in the skills and policies while also making low-cost finance available to build a resilient offshore wind market. Offshore wind deployment reduces the requirement for land, improves the availability of round-the-clock (RTC) along with contributing to the growing demand for clean energy.

As per the Global Wind Report 2023, the world has deployed 64.3 GW of offshore wind by end of 2022, this includes installations in Europe, Asia, and the US. In 2022, France and Japan commissioned their first commercial-scale offshore wind projects while India, a nascent market, set out an ambitious tender trajectory to pave way for offshore wind capacity addition. In 2022, Ministry of New and Renewable Energy Government of India notified an offshore seabed lease tender trajectory of 37 GW capacity for 2023-2030. Offshore wind markets that are under development or those that are likely to join this list have to resolve market entry barriers— lack of sufficient infrastructure, such as ports and power evacuation and transmission infrastructure, and perceived business risks such as a lack of offtake assurance and challenges around supply chain, capacity building and a long gestation period.

The event titled “Harnessing Offshore Wind for accelerating energy transition: The Way Forward” shall foster stimulating discussion on the aforementioned gaps and opportunities. It shall stand as a platform to aggregate knowledge and best practices for boosting progress on offshore wind in India and globally.