World Bank offers offshore wind helping hand in to new markets

The World Bank Group and the International Finance Corporation (IFC) have launched a programme to speed up adoption of offshore wind generation in emerging markets, such as Vietnam, Brazil, Indonesia and South Africa.

Offshore wind deployment outside of Europe and China remains minimal, but the World Bank Group is looking to change that (pic: Ørsted)
Offshore wind deployment outside of Europe and China remains minimal, but the World Bank Group is looking to change that (pic: Ørsted)

The initiative will be led by the World Bank Group’s "Energy Sector Management Assistance Programme" (ESMAP) in cooperation with the Global Wind Energy Council’s "Offshore Wind Taskforce", launched in September 2018.

It is also being supported by a £20 million grant from the UK government.

The World Bank Group "will convene developing country governments, commercial developers, development partners, and wind energy experts to raise awareness around offshore wind opportunities in emerging markets", the finance institution said in a statement.

It ambitiously added markets like Vietnam has the potential for 309GW of fixed-bottom and floating offshore wind capacity, while South Africa (356GW) and Brazil (526GW) could also benefit.

"We have seen it work in Europe – we can now make use of global experience to scale up offshore wind projects in emerging markets," said Riccardo Puliti, head of energy and extractives at the World Bank.

As part of the World Bank Group-GWEC cooperation, a bank representative will sit on the Offshore Wind Task Force contributing to its activities, while a member of GWEC will also sit on an advisory committee to be set up by the World Bank Group.

Ben Backwell, CEO at GWEC, added: "[Offshore wind’s] true potential reaches far beyond these established areas.

"The cooperation with the World Bank Group is a significant step forward in this journey. Through knowledge-sharing and partnership, we can better achieve our shared vision for development through sustainable energy."

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