Developed jointly by the Carbon Trust and the Global Offshore Wind Alliance (GOWA), this whitepaper provides an independent, evidence‑based assessment of the current state of the floating offshore wind (FLOW) sector, examines the structural barriers that continue to slow commercial progress and outlines the practical steps needed to unlock floating offshore wind at scale.
Overview
Global electricity demand is expected to double by 2050, and offshore wind will play a critical role in meeting this demand. With 70% of OSW resource s located in deeper waters, floating offshore wind (FLOW) is critical to expanding renewable energy, strengthening energy security, and supporting economic transitions. FLOW has moved beyond demonstration, with national targets exceeding 40 GW and major projects advancing. Yet progress is uncertain. Rising costs, inconsistent policy signals, supply chain constraints, and high perceived risk have slowed momentum, leaving the global pipeline far short of what is needed. Even under a high growth scenario, FLOW installed capacity would reach only 260 GW by 2050, well below the pace required to align with global climate goals. Coordinated action is essential to move beyond business-as-usual, establish FLOW as a mainstream global energy solution and unlock further economic, industrial and energy security benefits.
Key insights
- Offshore wind development must scale rapidly to support a decarbonised future, and floating offshore wind is critical to unlocking wind resources globally
- Floating offshore wind is transitioning to commercial deployment, but progress remains uncertain, due to challenges facing the wider offshore wind industry as well as inconsistent policy signals, supply chain constraints and the perception of risk.
- Commercialisation marks the point at which floating offshore wind becomes a scalable, commercially viable and widely deployable technology, which can attract project financing and sustained investment into the industry
- We identify four levers that can be pulled to progress towards commercialisation – economies of scale, attractive policy landscapes, learning -by -doing and targeted R&D – and discuss them in the context of floating offshore wind.
- While all four are necessary, policy must come first. Clear, stable targets that are specific to floating offshore wind, predictable auction schedules, and tailored revenue mechanisms are essential to unlock investment, build supply chain capacity and enable repetition and volume required for commercial scale.
To accompany the report launch, the Carbon Trust and GOWA hosted a webinar exploring the key findings and discussing how policymakers, developers and financiers can use the insights to accelerate deployment.
