IEA release global wind power roadmap

IEA Wind Energy Roadmap

According to the International Energy Agency (IEA) the world will need to invest $3.2 trillion if it is to generate 12 percent of electricity from wind power by the year 2050, but the agency also insisted that there are "no fundamental barriers" to achieving or even exceeding this target.

According to the IEA's global wind energy technology roadmap - prepared to respond to the G8 request for more detailed analysis on the growth pathway for wind energy as a key GHG mitigation strategy - 47GW of wind power will need to be added every year between 2010 and 2050. This will require a 75 percent rise in annual investment, taking it to $81 billion from the $51.8 billion spent in 2008.

To achieve the target of 12 percent, a total of 2016GW of installed wind capacity by 2050.

Investment costs are expected to decrease by 23 percent

One of the most important factors to the wind energy industry becoming more widely accessible to private investors, as well as national governments, is the cost. But this is changing.

"Investment costs are expected to decrease further as a result of technology development, deployment and economies of scale, by 23 percent by 2050," the report states.

"Transitional support is needed to encourage deployment until full competition is achieved."

Along side solar power, wind energy is the world's leading light in renewable energy with both Europe and the US investing heavily in the technology. But there are many market leaders among OECD nations along with China and India, while non-OECD economies by 2030 will generate 17 percent of global wind energy, rising to 57 percent in 2050.

Reductions in offshore wind of 38 percent

Much of the world's wind energy has so far come from land-based farms as offshore technology investments can cost almost twice as much, but the return in energy can be as much as 50 percent higher. The IEA roadmap forecasts cost reductions in offshore wind of almost 38 percent by 2050.

The report added: "Flexibility is a function of access to flexible generation, storage, and demand response, and is greatly enhanced by larger, faster power markets, smart grid technology, and the use of output forecasting in system scheduling."

The report also gives guidelines by which governments can set their renewable energy targets, in particular wind power. Over the next decade, the IEA advises national authorities and decision-makers to set long-term targets that are supported by predictable market-based mechanisms in order to drive investment.

In regards to other obstacles that lie in the path of wind power, governments are advised to stimulate social acceptance of wind power through increasing public awareness of its benefits.

If we are to achieve the carbon cutting goals set by our world leaders, wind energy technology will be vital and reports such as this will prove extremely important in educating people as to how they can contribute to the global fight against climate change.

You can access the full IEA report by clicking here.

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