Global wind industry could install almost 1 TW of new capacity by 2030, report says

Source: By Nina Chestney, Reuters • Posted: Monday, March 29, 2021

LONDON (Reuters) – The global wind industry could install nearly 1 terawatt (TW) of new capacity between now and 2030, with much of that added by China, consultancy Wood Mackenzie said on Monday.

China’s target of having 1,200 GW of wind and solar by 2030 could result in 408 GW of new wind capacity from 2021 to 2030, almost half of the global total, the report said.

The rest of the Asia Pacific region could add 126 GW to 2030, with India accounting for half of that, while Europe’s decarbonisation plans could add 248 GW of new wind capacity.

The extension of a production tax credit in the United States could bring 35 GW of new capacity from 2021 to 2023. From 2024 to the end of the decade, new U.S. offshore capacity is expected to average 4.5 GW per year, the report said.

Wood Mackenzie said a record 114 gigawatts (GW) of capacity was added worldwide last year, up by 82% year on year. China accounted for 72 GW, while the rest of the world added almost 43 GW in 2020, a 15% increase.

A report by the Global Wind Energy Council last week said 93 GW of new capacity being installed in 2020 but the world needed at least 180 GW of new wind energy every year to limit global warming to well below 2°C above pre-industrial levels.

Reporting by Nina Chestney; Editing by Edmund Blair