The objective of this report is two-fold. First, the report provides insights on various emerging offshore renewable energy technologies and their underlying potential. Second, it outlines a possible Action Plan for the G20 countries to drive offshore technologies closer to the commercialisation phase. The report is structured as follows:
- Chapters 2-4 present the latest status on offshore technology development, the deployed capacity, the underlying theoretical energy potential, the technological outlook based on a projected pipeline, current market status and market leaders – while highlighting the potential future markets and concluding with innovative emerging trends. Each technology is covered in a distinct chapter, with offshore wind in Chapter 2, ocean energy in Chapter 3 and floating solar PV in Chapter 4.
- Chapter 5 addresses cross-cutting issues for all offshore renewables, such as the environmental impacts, MSP and resilience to extreme weather conditions.
- Chapter 6 discusses the contributions of offshore renewable technologies to the energy transition by highlighting innovative business models for the decarbonisation of the power system and a blue economy. It also focuses on the role of offshore renewables in powering islands and SIDS as well as in protecting coastal communities.
- Chapter 7 identifies the potential technological, environmental, societal, financial and policy barriers that could hinder the commercialisation process of these emerging technologies and prevent them from reaching their full potential. It then presents action-oriented recommendations for the G20 to materialise offshore renewables and bridge the commercialisation gaps identified.