Shanghai Donghai Bridge's 100mw offshore wind power project is China's first national offshore wind power demonstration project in the early morning light of morning in Shanghai, Oct. 4, 2019. (Photo: Costfoto/Barcroft Media/Barcroft Media/Getty Images)

A new report from the International Energy Agency released Friday claims that wind power could be a $1 trillion business by 2040 and that the power provided by the green technology has the potential to outstrip global energy needs. 

"Talk about a breath of fresh air," tweeted writer Steven E. de Souza.

Talk about a breath of fresh air https://t.co/r2a0bvMXBc

— Steven E. de Souza (@StevenEdeSouza) October 25, 2019

The IEA report looks at the business of wind power and opines that as investment increases and the technology becomes cheaper, the sector could explode. 

The IEA finds that global offshore wind capacity may increase 15-fold and attract around $1 trillion of cumulative investment by 2040. This is driven by falling costs, supportive government policies and some remarkable technological progress, such as larger turbines and floating foundations. That's just the start—the IEA report finds that offshore wind technology has the potential to grow far more strongly with stepped-up support from policy makers.

"Offshore wind currently provides just 0.3% of global power generation, but its potential is vast," said IEA executive director Fatih Birol.

It would take a major infrastructural commitment to develop wind power to the point that the renewable energy resource could take over the majority of global energy needs, but it's not impossible. As The Guardian pointed out Friday, "if windfarms were built across all useable sites which are no further than 60km (37 miles) off the coast, and where coastal waters are no deeper than 60 metres, they could generate 36,000 terawatt hours of renewable electricity a year."

"This would easily meeting the current global demand for electricity of 23,000 terawatt hours," added The Guardian.

Such a change in worldwide energy demand would require a massive investment of "public pressure, business leadership, and political leadership," green group Friends of the Earth said on Twitter. 

350 Action founder Bill McKibben saw no need to wait. 

"Wind turbines in the shallow parts of the planet's oceans can provide more electricity than the planet uses," McKibben tweeted. "So let's get going!"

About The Author

Eoin Higgins is senior editor and staff writer for Common Dreams. Follow him on Twitter: @EoinHiggins_

This article originally appeared on Common Dreams

Related Books

Drawdown: The Most Comprehensive Plan Ever Proposed to Reverse Global Warming

by Paul Hawken and Tom Steyer
In the face of widespread fear and apathy, an international coalition of researchers, professionals, and scientists have come together to offer a set of realistic and bold solutions to climate change. One hundred techniques and practices are described here—some are well known; some you may have never heard of. They range from clean energy to educating girls in lower-income countries to land use practices that pull carbon out of the air. The solutions exist, are economically viable, and communities throughout the world are currently enacting them with skill and determination. Available On Amazon

Designing Climate Solutions: A Policy Guide for Low-Carbon Energy

by Hal Harvey, Robbie Orvis, Jeffrey Rissman
With the effects of climate change already upon us, the need to cut global greenhouse gas emissions is nothing less than urgent. It’s a daunting challenge, but the technologies and strategies to meet it exist today. A small set of energy policies, designed and implemented well, can put us on the path to a low carbon future. Energy systems are large and complex, so energy policy must be focused and cost-effective. One-size-fits-all approaches simply won’t get the job done. Policymakers need a clear, comprehensive resource that outlines the energy policies that will have the biggest impact on our climate future, and describes how to design these policies well. Available On Amazon

This Changes Everything: Capitalism vs. The Climate

by Naomi Klein
In This Changes Everything Naomi Klein argues that climate change isn’t just another issue to be neatly filed between taxes and health care. It’s an alarm that calls us to fix an economic system that is already failing us in many ways. Klein meticulously builds the case for how massively reducing our greenhouse emissions is our best chance to simultaneously reduce gaping inequalities, re-imagine our broken democracies, and rebuild our gutted local economies. She exposes the ideological desperation of the climate-change deniers, the messianic delusions of the would-be geoengineers, and the tragic defeatism of too many mainstream green initiatives. And she demonstrates precisely why the market has not—and cannot—fix the climate crisis but will instead make things worse, with ever more extreme and ecologically damaging extraction methods, accompanied by rampant disaster capitalism. Available On Amazon

From The Publisher:
Purchases on Amazon go to defray the cost of bringing you InnerSelf.comelf.com, MightyNatural.com, and ClimateImpactNews.com at no cost and without advertisers that track your browsing habits. Even if you click on a link but don't buy these selected products, anything else you buy in that same visit on Amazon pays us a small commission. There is no additional cost to you, so please contribute to the effort. You can also use this link to use to Amazon at any time so you can help support our efforts.