Floating wind can deliver affordable clean power given the right policy support, according to new research from DNV. Offshore wind has moved rapidly along the cost learning curve to become a more competitive investment option than fossil-fuel energy technologies in some locations. Front runner Europe has the largest and lowest cost installed offshore wind capacity. Now, other regions are starting to embrace this type of offshore renewable energy (ORE), with some planning or additional licensing rounds for offshore wind farm developments.
Taiwan is shaping up to soon be the largest offshore wind market in Asia other than mainland China. Taiwan has pledged to ramp up installed offshore wind capacity by 15 GW between 2026 and 2035, to achieve a total of 20.7 GW by 2035.
There is also interest in less developed Asian nations such as the Philippines, which has ambitions to develop a successful offshore wind industry starting from zero installed capacity today. Among measures taken to spark investor interest, its government exempts investments in renewable energy from the usual 40% limit on foreign ownership in the Philippines. The recently issued Executive Order No. 21, s. 2023, signed on 19th April, aims to establish a policy and administrative framework for offshore wind development1, validating the importance of government policy support.