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Global offshore wind sector resilient, poised for growth

Global, News

Despite inflation and supply chain disruptions, the global offshore wind sector grew by 7% in 2023, with a projected 9% increase to over 11 GW by the end of 2024. Rystad Energy forecasts that global offshore wind installations, excluding mainland China, will exceed 520 GW by 2040. Europe will lead, especially in floating wind technology, accounting for over 70% of global floating installations. The UK, France, and Portugal are expected to add up to 90…

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Subsea market projected to reach $42 billion by 2027

India, News

The subsea market, including systems like subsea umbilical risers and flowlines (SURF), is set for strong growth, with spending projected to exceed $42 billion by 2027, according to Rystad Energy. This represents a 10% annual growth rate from 2024 to 2027, driven by increased investment in regions like South America and Europe. Brazil is a key player, with anticipated spending rising 18% in 2024 to $6 billion, fueled by its pre-salt reserves. Norway is also…

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Hydropower: Achieving Global Renewable Energy Targets

Analysis, Features

At the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) in Dubai, global governments pledged to triple renewable generation capacity from 3.8 TW in 2022 to 11.2 TW by 2030. This increase in variable renewables poses grid security and flexibility challenges. Hydropower, among low-carbon options, is the most versatile and cost-effective solution for grid stability. Its key strengths are flexibility and resilience, complementing variable renewables with services ranging…

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Lessons from the Indo-Pacific for Latin America’s Energy Transition and Global Governance

Analysis, Features

The Indo-Pacific region, spanning the Indian Ocean and parts of the Pacific, has become increasingly prominent due to shifting geopolitical dynamics, particularly in trade, investment, infrastructure, and security. The Indo-Pacific’s experience with high carbon emissions and advancements in renewable energy—such as India’s 35.8% and Indonesia’s 22% share of clean energy in 2020—provides useful insights for Latin America, which faces similar energy supply and development issues. Both regions are facing transitioning to renewable energy amid large…