Floating offshore wind outlook

Offshore wind, with its high capacity factors and growing competitiveness, continues to gain increasing attention within the context of the global transition to renewable energy. In particular, floating offshore wind is gaining particular interest among stakeholders, owning both to the significant wind energy potential available in open water areas, and the broader social acceptance of offshore renewables given their locations away from high -demand coastal and onshore “real estate”. The nascent global floating wind industry comprised approximately 270 MW operational capacity as of 2023; however, the global pipeline of 244 GW of new floating wind projects testifies to the growing interest in this technology. The G7 countries are leading efforts to accelerate the expansion of floating offshore wind projects globally and are best suited to share their expertise and experiences in supporting emerging and developing economies (EMDEs) to harness the tremendous potential offered by this renewable energy solution. This IRENA report, commissioned by Japan under its 2023 G7 Presidency, takes stock of the market and recent technological developments in the floating offshore wind space. The report also explores ancillary factors (grid connections and port infrastructure); sustainability considerations; and the coupling potential of floating offshore wind.