Published: 06 October 2021 06 October 2021
The World Bank’s Energy Sector Management Assistance Program (ESMAP) has released a report distilling experiences from established offshore wind markets into key success factors for emerging markets. According to the report, entitled Key Factors for Successful Development of Offshore Wind in Emerging Markets, developing a new offshore wind sector in an emerging market is not an easy task.
According to the report, experience from established markets has shown that, to maximize the success of deploying offshore wind, governments in emerging markets should:
- Recognize that offshore wind, due to its large scale and high complexity, is significantly different from other forms of renewable energy, and needs strong, proactive government support to achieve the huge benefits it can bring.
- Clearly communicate the role of offshore wind as part of a long-term strategy and provide certainty through policy commitments to target volumes and dates.
- Proactively coordinate agencies to establish robust frameworks with clear processes to deliver bankable outcomes that meet good international industry practice.
- Collaborate with industry and stakeholders, to gather feedback on learning and experience, and use this to improve policy, frameworks, and delivery.
The report is a publication of the World Bank Group’s Offshore Wind Development Program led by ESMAP in partnership with the International Finance Corporation (IFC). It was prepared by Arup and BVG Associates.