cover image: Scaling Up Offshore Wind for Climate Action - G20 POLICY BRIEF

20.500.12592/6gk82tn

Scaling Up Offshore Wind for Climate Action - G20 POLICY BRIEF

16 Sep 2024

However, a lack of concessional finance available for pioneering offshore wind projects in these nations and regions puts at risk the ambition of these countries to advance responsible offshore wind. [...] As part of the Marrakech Partnership for Global Climate Action, Ocean and Coastal Zones Ocean Breakthroughs launched ahead of COP28 in 2023, Ocean Conservancy, an international ocean conservation non-profit, and Orsted, a leading wind energy developer, championed the Offshore Renewable Energy Breakthrough. [...] RECOMMENDATIONS FOR CLEAN OCEAN ENERGY ACTION Increase Concessional Finance for Offshore Wind Development International development finance for renewable energy is modest, with just US$9.14 billion committed in 2021, of which only US$0.44 billion was for wind (on- and offshore).3 This suggests that mobilizing climate finance at the scale needed for OSW projects will require focused efforts. [...] G20 countries should allocate a portion of climate finance specifically for offshore wind projects in emerging and developing economies (EMDCs), strengthen multilateral finance mechanisms to mitigate risks and implement policies that incentivize private sector investment in emerging and developing markets in sustainable offshore energy infrastructure. [...] Integrate Offshore Wind into National Energy Strategies and NDCs NDC To align with global net-zero targets and the outcomes of the Global Stocktake,4 G20 countries, where applicable, should integrate offshore wind into their NDCs and national energy strategies.
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United States of America