Statement on IRENA’s World Energy Transitions Outlook 2022

Indeed, average costs for onshore and offshore wind have steadily declined over the last decade. But further measures are needed to support large-scale system integration of wind power, like accelerated permitting schemes for projects, land/seabed availability, investment in expanded and flexible grids, and market mechanisms for direct procurement by private offtakers. IRENA also notes the supply of commodities and critical minerals like copper, neodymium and dysprosium which will be crucial to secure for the wind supply chain.

A modern, flexible and resilient system with high shares of wind and renewables will usher in new magnitudes of investment in electricity generation and networks. In the 1.5C scenario, annual global investment in onshore wind grows by 3.7x and in offshore wind by 6.4x, totalling more than $400 billion. This represents enormous opportunities for policymakers to tap the vast, unexploited wind potential around the world and mobilise large-scale investment, job creation and green growth.