Scaled-up Investments and Enabling Frameworks Will Unlock Offshore Renewables Potential

The latest climate report by the Intergovernmental Panel on Climate Change states that the international community is very unlikely to limit the global temperature rise to 1.5°C, if immediate action is not taken. Offshore renewables – such as offshore wind and ocean energy – have significant potential to accelerate the global energy transition and create new economic and social opportunities. According to the latest data from the International Renewable Energy Agency (IRENA), the installed capacity of offshore wind grew 18-fold to over 55 gigawatt (GW) in 2022 and ocean energy had installed capacities of 0.535 GW in 2021. Offshore wind and ocean