Post - Articles
World Bank launches offshore wind power programme in developing countries
- 5 years ago (2019-03-11)
- David Flin
The World Bank has announced that it is launching a new programme to fast-track the adoption of offshore wind energy in developing countries. The World Bank and the IFC (International Finance Corporation) will help emerging markets assess their offshore wind potential and provide technical assistance to develop a growing pipeline of projects that are ready for investment by renewable energy developers.
EP Shanghai 2024
Led by the World Bank’s Energy Sector Management Assistance Programme (ESMAP), in partnership with IFC, the programme is being initiated thanks to a £20 million grant to ESMAP from the UK Government to help low- and middle-income countries implement environmentally sustainable energy solutions. This work will take place in cooperation with the Global Wind Energy Council (GWEC) and its recently formed Offshore Wind Task Force, which brings together leading offshore wind developers, equipment manufacturers, and service providers. The programme will convene developing country governments, commercial developers, development partners, and wind energy experts to raise awareness around offshore wind opportunities in emerging markets, and lay the groundwork for a pipeline of new projects that could be supported by World Bank or IFC financing. IFC will work with public and private sector partners to undertake technical studies and develop national strategies to facilitate the adoption of offshore wind power.
The offshore wind industry has grown five-fold since 2011, with 23 GW installed at the end of 2018, and a large volume of planned projects in Europe, China, and the USA. Offshore wind now represents about $26 billion in annual investments – around 8 per cent of new global investments in clean energy – and this proportion is likely to increase, with an estimated $500 billion to be invested in offshore wind projects by 2030.