Offshore wind farms to invest $1.2 trillion to hit climate goals

Offshore wind farms to invest $1.2 trillion to hit climate goals

An influx of new offshore wind farms around the world is set to invest an estimate of $840 billion over the next two decades, the International Energy Agency (IEA) said.

The Paris-based institution’s outlook for an additional 20 gigawatts of new offshore capacity a year would still not be enough to hit global climate targets. Capacity additions would need to be nearing 40 gigawatts a year in the next decade. This would cost over $1.2 trillion worth of investment according to the IEA in a Friday report.

The water-sited windmills could provide more electricity than there is demand for a number of countries like Europe, the U.S.A, and Japan, the agency reported. The technology has boomed in recent years and is set to grow in newer markets such as the U.S. and China.