GWEC, WBG to Work Together to Develop Global Offshore Wind Markets

GWEC will coordinate with the World Bank’s Energy Sector Management Assistance Program (ESMAP) and the International Finance Corporation (IFC) on efforts to accelerate the uptake of offshore wind in emerging markets.

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Global Wind Energy Council (GWEC) and World Bank Group (WBG) is mulling to work together on efforts to develop offshore wind in emerging markets.

The move follows the World Bank Group’s launch of a new program to fast-track the adoption of offshore wind energy in developing countries, supported by funding from the government of the United Kingdom.

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ESMAP is a partnership between the World Bank and 18 partners to help low and middle-income countries reduce poverty and boost growth, through environmentally sustainable energy solutions. The IFC is the world’s largest global development institution focused exclusively on the private sector in developing countries.

As part of their cooperation, WBG and GWEC will organise a series of workshops and other events to discuss the potential of offshore wind in new and emerging markets and to facilitate knowledge sharing and the diffusion of best practices.

Commenting on the development, GWEC, CEO, Ben Backwell said, “Offshore wind has already made significant strides in markets such as Europe and China, but its true potential reaches far beyond these established areas.  GWEC’s Offshore Wind Taskforce was established to help an increasing number of countries provide large-scale, competitive clean power from offshore wind that can help them meet their climate commitments and their sustainable development objectives. The cooperation with the World Bank Group is a significant step forward in this journey. Through knowledge-sharing and partnership, we can better achieve our shared vision for development through sustainable energy.”

Meanwhile, GWEC forecasts that offshore wind will become an increasingly global market if governments remain committed, and projects and investments continue, with annual installations in Asia potentially reaching 5 GW or more each year.