Asia could grow its share of installed capacity for onshore wind from 230 Gigawatt (GW) in 2018 to over 2600 GW by 2050, a new report by the International Renewable Energy Agency (IRENA) finds. By that time, the region would become a global leader in wind, accounting for more than 50 percent of all onshore and over 60 percent of all offshore wind capacity installed globally.
According to the new report “Future of Wind” published at China Wind Power 2019 being held in Beijing, global wind generational capacity could rise ten-fold reaching over 6000 GW by 2050. By midcentury, wind could cover one-third of global power needs and when combined with electrification, deliver a quarter of the energy-related carbon emission reductions needed to meet the Paris climate targets. To reach this objective, onshore and offshore wind capacity will need to increase four-fold and ten-fold respectively every year compared to now.
“With renewables, it’s possible to achieve a climate-safe future,” said IRENA’s Director-General Francesco La Camera. Low-cost renewable energy technologies like wind power are readily available today, representing the most effective and immediate solution for reducing carbon emissions.
“Our roadmap for a global energy transformation to 2050 shows that it is technically and economically feasible to ensure a climate-safe, sustainable energy future. Unlocking global wind energy potential will be particularly important. In fact, wind energy could be the largest single source of power generation by mid-century under this path. This would not only enable us to meet climate goals, but it would also boost economic growth and create jobs, thereby accelerating sustainable development,” La Camera said.
The report further adds that to accelerate the growth of global wind power over the coming decades, scaling up investments will be key. On average, global annual investment in onshore wind must increase from USD 67 billion in 2018 to 211 billion in 2050. For offshore wind, global average annual investments would need to increase from USD 19 billion to 100 billion in 2050.
Statistical highlights:
To read the full report click here.
Published with permission from saurenergy.com
Global chemicals and bioenergy major BASF has announced to have signed an MoU with China’s…
Rajputana Biodiesel is set to debut in the capital market on November 26 as the…
The Solar Energy Corporation of India Ltd (SECI) has signed an MoU with H2Global Stiftung…
Uttar Pradesh is making strides in the bioenergy and taking the decarbonisation quest of the…
Bengaluru-headquartered biogas EPC firm GPS Renewables has announced that it has appointed Deepak Agarwal as…
In a key development to further the green hydrogen movement in the country, NETRA, the…