The world set a new record in wind installations in 2020 and saw a number of national and regional targets set for 2030, underscoring the important role of wind technology in the energy transition, according to Wood Mackenzie.
Despite the growth in the wind energy market, there is a need for the enactment of new policies or revision of existing targets to ensure increased uptake of wind.
Moreover, there is a need for increased collaboration between international lenders, energy project developers and both the private and public sectors to increase funding for wind energy project deployment.
The availability of government subsidies is also vital to accelerate uptake. This is evidenced by an increasing number of projects left partially completed in China, as developers claimed full capacity to capitalize on the onshore wind subsidy before it expired at the end of last year. This means for as long as there is enough financial support from governments, wind energy developers are able to move at a faster pace, a development that would result in more capacity being deployed.