Siemens 2.37-megawatt wind turbines operate at the Ocotillo Wind Energy Facility in California on May 29, 2020.Bing Guan/Reuters
The global wind industry could install nearly 1 terawatt (TW) of new capacity between now and 2030, with much of that added by China, consultancy Wood Mackenzie said on Monday.
China’s target of having 1,200 gigawatts (GW) of wind and solar by 2030 could result in 408 GW of new wind capacity from 2021 to 2030, almost half of the global total, the report said.
The rest of the Asia-Pacific region could add 126 GW to 2030, with India accounting for half of that, while Europe’s decarbonization plans could add 248 GW of new wind capacity.
The extension of a production tax credit in the United States could bring 35 GW of new capacity from 2021 to 2023. From 2024 to the end of the decade, new U.S. offshore capacity is expected to average 4.5 GW a year, the report said.
Wood Mackenzie said a record 114 GW of capacity was added worldwide last year, up by 82 per cent year on year. China accounted for 72 GW, while the rest of the world added almost 43 GW in 2020, a 15-per-cent increase.
A report by the Global Wind Energy Council last week said the world needed at least 180 GW of new wind energy every year to limit global warming to well below 2 C above preindustrial levels.
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.