The recent passage of positive climate policies around the globe is expected to help drive growth in the wind energy sector, according to the most recent outlook from clean energy analysts Wood Mackenzie.
In the latest update to their wind outlook, Wood Mackenzie says it expects that “new climate policies and aggressive strategies across the Americas and Europe” will result in a 1.9% increase of installed capacity, quarter on quarter.
This would equate to 25.6GW of new capacity each quarter between 2022 and 2031, which in turn would push combined capacity over the next decade up to around 2,000GW.
Key amongst the policies driving expanded wind growth is the passage of the politically named Inflation Reduction Act (IRA) in the US.
“The Inflation Reduction Act (IRA) establishes long-term investment stability in the US, with more than 5GW of the 6.8 GW upgrade QoQ expected from 2028-2031,” explained Luke Lewandowski, Wood Mackenzie research director.
“Procurement activity in Quebec and a robust pipeline in Alberta will trigger a 2.5 GW upgrade in Canada, strengthening its position as a top 20 global market.”