In just over five years, renewable energy targets set for 2030 will come knocking on the door. Whether they will be reached, missed, or overshot depends on multiple factors, most of which concern policymakers and the energy sector itself.
At the end of 2023, the EU increased the binding renewable energy target for 2030 to 42.5%, encouraging countries to aim for 45%. The US has a goal of 80% of renewable energy generation by 2030. China, which is still predominantly powered by fossil fuels, has ramped up renewable energy construction and reported reaching its 1,200 GW wind and solar energy target for 2030 six years earlier, in July 2024.
Offshore energy
In the offshore arena, wind leads the way to renewable energy and has grown into a mammoth industry, given its potential to install large generation capacity far away from land.
Since floating wind technology can be deployed further offshore, this segment of the offshore wind industry is also gaining momentum. With a few projects involving decarbonization of offshore oil and gas assets already underway and its off-grid potential, there are more than a couple of routes to market for floating wind.
