We must triple renewables capacity by 2030. Here are 3 ways to break the offshore wind impasse

The offshore wind industry faces a critical juncture due to supply-chain bottlenecks, regulatory uncertainty, and macroeconomic shocks like high inflation and rising interest rates. To meet the COP28 pledge of tripling global renewable capacity to 11,000 GW by 2030—which requires 494 GW of offshore wind—the author proposes that governments speed up tender times, phase out fossil fuel subsidies to create a level playing field, and de-risk projects by adjusting contracts to account for inflation. Beyond climate targets, the document highlights that offshore wind can revitalize coastal communities and create significant employment, noting that in Europe, 1 GW of offshore wind generates approximately 26,000 full-time years of work.

• To limit global heating to 1.5°C, 118 countries pledged at the start of COP28 to triple global renewable energy capacity to 11,000 GW by 2030, requiring annual deployments of approximately 1,000 GW.
• Achieving the 2030 renewable targets requires offshore wind capacity to reach 494 GW, a significant increase from the 65 GW installed by the end of 2022.
• The offshore wind sector is currently hindered by a combination of regulatory unclarity, supply-chain bottlenecks, and macroeconomic shocks including high inflation and increased capital costs.
• The author recommends three strategies to break the industry impasse: addressing current challenges through faster tendering and supply chain support, using COP28 to mobilize commitments and level the playing field against fossil fuels, and ensuring long-term resilience via governmental de-risking of projects.
• Offshore wind provides substantial economic benefits to coastal communities, specifically in Europe where 1 GW of capacity is estimated to create 26,000 full-time years of work across direct, indirect, and induced employment.

APA

Backwell, R. N. D. S. B. (2023). We must triple renewables capacity by 2030. Here are 3 ways to break the offshore wind impasse. World Economic Forum. https://www.weforum.org/stories/energy-transition/renewables-impasse-cop28/

Chicago

Backwell, Rasmus Nikolaj Due Skov, Ben. We must triple renewables capacity by 2030. Here are 3 ways to break the offshore wind impasse. World Economic Forum, 2023. https://www.weforum.org/stories/energy-transition/renewables-impasse-cop28/.

Wikipedia

{{cite press release |last1=Backwell |first1=Rasmus Nikolaj Due Skov, Ben |title=We must triple renewables capacity by 2030. Here are 3 ways to break the offshore wind impasse |publisher=World Economic Forum |date=11 December 2023 |url=https://www.weforum.org/stories/energy-transition/renewables-impasse-cop28/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{backwell2023must, author = {Backwell, Rasmus Nikolaj Due Skov, Ben}, title = {{We must triple renewables capacity by 2030. Here are 3 ways to break the offshore wind impasse}}, publisher = {World Economic Forum}, year = {2023}, month = dec, url = {https://www.weforum.org/stories/energy-transition/renewables-impasse-cop28/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }