Nicholas Doherty, Unsplash
Catalyzing Offshore Wind in Developing Nations: The Role of Concessional Finance
ORRAA and Ocean Conservancy Energy Solutions
Accelerating the transition to clean energy is crucial to addressing climate change and protecting the ocean. Offshore wind (OSW) is a promising ocean-based climate mitigation solution with the potential for high energy output. It also a critical part of the renewable energy mix required to reach net-zero. As part of the Ocean Breakthrough launched ahead of COP28 last year, dozens of organizations, including Ocean Conservancy and the Ocean Risk and Resilience Action Alliance (ORRAA), set a goal to install at least 380 GW of offshore wind capacity by 2030, while establishing targets and enabling measures for net-positive biodiversity outcomes, and advocating for $10 billion in concessional finance for OSW in developing countries.
This paper examines the role of concessional finance in catalyzing OSW deployment in developing countries. It examines the current landscape of OSW, financing needs, and existing climate finance flows for renewable energy and OSW in particular. It then presents two opportunities for enhancing support for OSW in developing countries and concludes with a broader set of recommendations for promoting OSW projects.
Read the full paper here.
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