Focus Session 2: Ocean Renewables: The Pathway to Net Zero Future?
Ocean renewable energy is starting to play a significant and very important role in combating global climate change. Including ocean renewables in the energy policy will help in reducing emissions of greenhouse gases. Among the many options of ocean renewables, such as tidal, wind, wave, floating solar, salinity gradient, and ocean thermal energy, offshore wind power is one of the fastest-growing technologies. It is predicted that by 2042, offshore wind would become the number one energy source for Europe. Global offshore wind capacity is expected to increase by fifteen-fold by 2040 and make it a $1 trillion industry.
Asia is blessed with long coastlines, unique geography, and newly evolved favourable government policies, with impetus on the blue economy, and looks set to grow significantly in the offshore wind energy sector over the next decade. Offshore wind includes both fixed-bottom and floating wind and remains at the forefront with an unstoppable growth trajectory. Global Energy Monitor (GEM) predicts that wind power in East Asia is likely to grow by 65%, making it one of the top wind-producing energy sectors by 2030. Nevertheless, we are nowhere near its growth potential, and some of the factors that impact the growth of wind power are lack of financing, infrastructure, social licensing, technology, and lack of global standards.
This session will address the above areas of concern and propose ideas and solutions on how to propel wind energy production and usage with specific reference to the Asia region.