Offshore wind set for 15-fold increase: IEA
October 25, 2019, 9:09 am

Offshore wind set for 15-fold increase: IEA

Wind turbines in Guigneville, central France. (File photo AFP)

Offshore wind could become Europe’s largest single source of electricity and is set to increase 15-fold worldwide by 2040, the International Energy Agency (IEA) said Friday.

In its annual assessment of the clean energy source, the IEA said that falling costs, supportive government policy and technological breakthroughs could see as much as $1 trillion (900 billion euros) invested in growing capacity.

The EU and China are set to lead the transition towards more wind power, with offshore capacity in Europe set to surge from 20 to 130 gigawatts by 2040 under current policy and pricing.

The IEA said the EU’s capacity could jump as high as 180 gigawatts if member states reach their carbon-neutrality aims.

China’s capacity is predicted to rise from 4 gigawatts today to 110 by the same date, overtaking Britain as possessing the largest offshore wind fleet of any country.

“In the past decade, two major areas of technological innovation have been game-changers in the energy system by substantially driving down costs: the shale revolution and the rise of solar,” said IEA executive director Fatih Birol.

“And offshore wind has the potential to join their ranks in terms of steep cost reduction.”

Offshore wind currently provides just 0.3 percent of global power generation, but as prices fall and investor confidence in long-term fossil fuel projects wavers, the zero-carbon technology is projected to rise in lockstep with insatiably growing energy demand.

The IEA said energy firms needed to develop bigger and more efficient turbines that would allow offshore wind to compete for price with natural gas and onshore wind.

source:AFP

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.