IRENA – Floating offshore wind outlook, 2024

The international community is working towards limiting global temperature rise to 1.5 degrees Celsius by rapidly increasing renewable energy capacity. Offshore wind power, particularly floating offshore wind, is gaining interest due to its potential and higher social acceptance. The global floating wind industry is still developing, with significant interest and capacity expansion projected. Challenges such as operational scale and high costs need to be addressed for commercial viability by 2035. International cooperation and regulatory frameworks are essential for the growth of floating offshore wind. Technological innovation and standardisation are key factors for industry consolidation and growth. Considerations for environmental impacts, biodiversity, and co-existence with the fishing industry must be taken into account for sustainable development. Collaboration and planning are crucial for the successful integration of floating offshore wind into the energy transition.