8th Meeting of IRENA Collaborative Framework on Ocean Energy & Offshore Renewables

Virtual

The Seventh Meeting of the Collaborative Framework on Ocean Energy/Offshore Renewables (CFOR) that was organized on 26 October 2023 had the following objectives:

  • Presenting an overview on the analysis IRENA has undertaken for floating offshore wind at the request of Japan under their G7 presidency.
  • Share a short preview into an upcoming report IRENA is undertaking together with Ocean Energy Europe (OEE) to estimate the global resource potential for ocean energy.
  • Organize a panel discussion on the different institutional settings and mechanisms that can be leveraged by governments to reinforce their offshore wind strategies and action agendas.

Some of the main discussion points that arose during the meeting were as follows:

  • According to IRENA’s latest analysis 63.2 GW of offshore wind capacity was installed globally in 2022. However, to be compliant with a 1.5C scenario, global offshore wind capacity would need to reach 494 GW and 2465 GW, by 2030 and 2050, respectively. Floating offshore wind solutions are gaining attention by the energy community due to this energy avenue having a global technical potential is 13 TW and high-capacity factors. However, this industry is still very nascent with approximately 0.2 GW of floating capacity installed in 2022 – representing 0.1% of global onshore and offshore wind installations combined. This capacity is expected to reach up to 2-3 GW by 2030. Norway, UK, Japan, and China are driving the floating wind industry.
  • The planned global resource potential report that IRENA and OEE aim to develop will highlight evidentiary perspectives to validate the existing claims on resource potentials in different regions viz. Europe, Americas, Asia, and Oceania. Furthermore, this report will aim to demonstrate quantitative economic opportunities offered by ocean energy that can be leveraged by investors.
  • The panel discussion identified the following recommendations to promote institutional settings for offshore wind: a) sustained international cooperation to facilitate knowledge exchange between various institutions involved in offshore wind development; b) Promote general awareness among communities on the socio-economic benefits of offshore wind in addition to its energy production capabilities; c) increase investments in initiatives that will allow for better assessment of coastal and marine spaces utilization; and d) continue to bridge the knowledge gaps that decision makers experience when aiming to understand the technicalities of offshore wind.

The 8th meeting of the Collaborative Framework on Ocean Energy/Offshore Renewables (CFOR) highlighted the role of ports/harbors in facilitating accelerated offshore wind deployment, with a focus on polices and best practices in serving as potential energy hubs. The meeting also explored grid infrastructure planning and harmonization requirements to keep up with the expected offshore wind capacity expansion in the coming year. 

Meeting participation by invitation only. For more information, please contact CFoffshore@irena.org.