LatAm seen to reach 34 GW of offshore wind by 2050, driven by hydrogen
Offshore wind turbines. Featured Image: Teun van den Dries/Shutterstock.com
October 21 (Renewables Now) - Latin America will have 34 GW of offshore wind capacity by 2050, with development propelled by off-grid green hydrogen projects, Wood Mackenzie has projected.
The region is expected to switch on its first offshore wind farm in 2032 and then experience a 15.4% compound annual growth rate by the middle of the century, led by Brazil and Colombia.
“We have seen significant regulatory movement in support of offshore wind developments, with Brazil and Colombia providing official roadmaps and guidelines for future activity,” Wood Mackenzie research analyst Karys Prado said in a news release this week.
According to the research firm, Brazil will account for almost 6% of global green hydrogen supply through 2050 and the majority of green hydrogen facilities in the country will be off-grid, supported by offshore wind and other renewables.
“This will play a key role in the country’s future economy and long-term position as a global energy exporter,” said Prado.
Wood Mackenzie says that there are still many challenges in front of the industry but the opportunity is there. “If regulation and infrastructure investments accelerate, combined with the fledgling green hydrogen industry, future offshore wind capacity could exceed expectations in the region,” according to Prado.