Orrick’s 2024 Global Offshore Wind Report: Energy Transition Targets to Drive Growth

This report was produced by Orrick, a member of IPFA. 

This year is set to be the busiest ever for offshore wind, with over 20 auction processes expected globally. That’s just one of several factors in our review of offshore wind in more than 25 countries that provide reasons for optimism in the sector’s future despite challenges in the last year. Orrick’s 2024 Global Offshore Wind Report also shows that, in 2023:

• Global investment reached nearly US $60 billion in new projects estimated to generate approximately 20 GW of capacity.
• Over 6 GW of projects went into operation, raising total global operational capacity to nearly 65 GW.
• Significant challenges remain, including continued inflation, financing costs/liquidity and the need to upgrade grid infrastructure to distribute power generated offshore. Yet, ambitious renewable-energy growth targets are expected to increase interest and inspire innovation in offshore wind in 2024 and beyond.

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