International Energy Agency: Offshore Wind Power Generation Can Provide More Electricity Than Mankind Needs

Experts estimate that the development of the industry and the emergence of new technologies will enable offshore wind farms to produce 420,000 TWh of energy per annum, which is 18 times more than currently required.

As of today, offshore wind farms produce only about 0.3% of global energy. According to experts, in the next two decades, the industry will raise huge investment and grow several times.

According to forecasts, European windmills will be producing 130 GW in 20 years, whereas today they produce only 20 GW. An even more dramatic growth of the industry is expected in China: from 4 GW to 110 GW.

The International Energy Agency (IEA) believes that by 2040 wind power generation will become 15 times stronger and raise up to $1 trillion in investment during that time. The total potential of wind power generation is many times higher than mankind needs today: offshore wind turbines can produce up to 420,000 TWh per year. Mankind’s energy requirement today is 18 times less.

IEA experts believe that the crucial factor in the industry development should be government support. Specifically, it can be provided in the form of various benefits and subsidies that will accelerate the development of technologies and make the production and operation of wind farms cheaper and more efficient.