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Add water: Report says offshore wind power could meet global demand
- January 1, 2020: Vol. 13, Number 1

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Add water: Report says offshore wind power could meet global demand

by Mike Consol

The International Energy Agency (IEA) says offshore wind power has the capacity to meet all of the world’s electricity demand and is set to be a “game changer” for energy systems, says a Financial Times’ report, but that will require doubling the pace of expansion to meet the world’s climate targets.

The Paris-based institution estimated investment in the technology is growing 2.2 percent a year, putting it on track to raise $840 billion over the next two decades. But to reach goals for sidelining fossil fuel that funding must reach 4.4 percent annually or $1.2 trillion during the period.

The IEA report, focused on one of the fastest emerging technologies in the energy business, indicates the scale of the challenge in shifting the world’s electricity generation business away from fossil fuels.

Bloomberg quoted IEA executive director Fatih Birol as commenting: “In the past decade, two major areas of technological innovation have been game-c

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