imagean | E+ | Getty Images Offshore wind looks set to become a $1 trillion business by 2040, the International Energy Agency (IEA) said Friday, with global capacity set for a 15-fold increase. According to the IEA’s Offshore Wind Outlook 2019, last year investment in the sector neared $20 billion, compared to under $8 billion in 2010. With today’s investment plans and policies, the IEA said the offshore market would grow by 13% annually, “passing 20 GW of additions per year by 2030.” This growth needs capital spending of $840 billion across the next two decades. According to the IEA, if worldwide goals relating to climate and sustainability are to be met then additions in capacity will need to come near to 40 GW a year during the 2030s, which would nudge cumulative investment to more than $1.2 trillion. A drop in costs, supportive governments and technological innovations would help to drive progress, the IEA said. Global offshore wind capacity currently stands at 23 GW, according to the IEA, with 80% of this based in Europe, a world leader in the sector. The agency added that around 150 new offshore projects were slated for completion during the next five […]

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