In the whirlwind of climate change concerns and renewable energy aspirations, the Global Wind Report for 2023 has blown in with some exciting news. So, grab your virtual anemometer and join us as we dissect the key points from this report, revealing a world on the brink of a renewable energy revolution.
Picture this: a world where wind energy reaches a colossal 1 terawatt (TW) of installed capacity. Yes, you read that right! 2023 is expected to be the year when we hit this monumental milestone, and it's not stopping there. Experts predict that we'll reach the next TW in less than a decade. What's propelling this whirlwind of progress? Ambitious energy and climate policies that are sweeping across the globe.
"Many of the manufacturers at the heart of the industry have seen mounting financial losses caused by 'race to the bottom' pricing, as a result of misguided government policies around procurement and offtake arrangements, exacerbated by higher inflation and logistics costs," says GWEC CEO, Ben Backwell.
Offshore wind had a bit of a choppy ride, with a 58% decrease compared to 2021. What caused this turbulence? Well, it seems that China's policy-driven installation rush had a lot to do with it, as it finally came to a halt.
One thing's for sure, to keep this wind in our sails, we need to invest in the wind energy supply chain. It's the backbone of this industry, and without a strong supply chain, we won't be able to achieve our ambitious goal of having 2 TW of wind energy installed by 2030.
Get ready for a geopolitical shift. Political conditions around the world are becoming increasingly favorable for wind energy. Countries like Brazil, India, the US, the EU, and many others are unfurling policies and regulations to hasten the deployment of wind energy.
So, what's the forecast for wind energy's future? According to GWEC (Global Wind Energy Council), we can expect onshore wind installations to surge past the 100 GW mark annually by 2024. Offshore wind, on the other hand, is set to sail past 25 GW in a single year for the first time in 2025. It's a bright and breezy future for wind energy!
The Global Wind Report for 2023 paints a vivid picture of the wind energy landscape. Despite a few bumps along the way, the potential for growth is immense. Thanks to supportive policies, rising targets, and the industry's increasing cost competitiveness, it's clear that wind energy is poised to play a vital role in our transition to a cleaner, greener world.
So, keep your eyes on the horizon, because the winds of change are picking up speed, and we're all aboard for this incredible renewable energy journey!
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Download the original 120 page report here: www.gwec.net/globalwindreport2023/
SOURCE: GWEC. (2023). Global Wind Report 2023 (Pages 1, 4, 14, 85).