The Global Wind Energy Council released its annual Global Wind Report on Monday, in which wind industry recovery is predicted.
Council CEO Ben Backwell stated in the report that this year will be a turning point for the industry, the Associated Press reports.
This comes contrary to 2022, when the industry was held back by inflation and logistics costs among other factors.
“The twin challenges of secure energy supplies and climate targets will propel wind power into a new phase of extraordinary growth,” the council quoted to anticipate in its report.
The report referred to the Asia-Pacific region being the world’s largest offshore wind market last year. China had a leading role in the development of onshore and offshore wind. China is expected to continue being in lead this year as well.
The report also highlighted examples of governmental incentives in renewables sector such as the Inflation Reduction Act in the United States. According to the report, such incentives can also be seen in Europe, Asia, as well as South American countries.
Although the wind industry has recorded 15 percent at expected year-over-year growth, the figure remains behind what is needed. A larger contribution of renewables is needed in order to remain within the 1.5 degrees Celsius warming threshold.
