More than 200GW worth of new offshore wind projects have been announced around the world since 2020, according to new figures published this week, but regulatory hurdles and supply chain constraints will nevertheless hinder the completion of the entire pipeline by 2030.
The new figures were published this week by renewable energy consultancy The Renewables Consulting Group (RCG) in their 2020 Global Offshore Wind Annual Market Report.
The headline good news reveals that 2020, despite the impact of the global COVID-19 pandemic, was nothing short of spectacular, with 200GW of new offshore wind projects announced since the beginning of 2020.
Total capacity of financed offshore wind projects in 2020 reached 8,370MW across the European, Americas, and Asia Pacific (excl. China) regions, well and truly exceeding the previous record total of 6,438 MW financed in 2018.
Global investment for offshore wind set a new record of $US30 billion, surpassing the previous high of $US22 billion, again set in 2018.
New projects of 500MW or greater were announced n Spain, Ireland, Norway, Taiwan, South Korea, Italy, Brazil, and Vietnam between the beginning of 2020 through to early 2021.