Renewable energy continues to shape the energy industry around the globe. Electricity generated from sources such as solar and wind have steadily grown over the years, but still with much-needed help from authorities through viable policies that will encourage investments to flourish, build infrastructure, and develop technological systems for renewable energy sources.

The New York Times pointed out that current policies will see renewables such as wind, solar and hydropower “surpass coal as the world’s dominant source of electricity by 2030, growing to 42 percent of global generation” and that “coal would drop to 34 percent.”

One of the most significant highlights in these latest projections is the highly promising potential of offshore wind, with a global growth of nearly 30% per year from 2010 to 2018, thanks to innovations in technology and around 150 new offshore wind projects currently in active development. If fully developed, the market “has the potential to generate more than 420 000 TWh per year worldwide. This is more than 18 times global electricity demand today.”

Aside from the U.S., The Times also noted that companies are also planning major new offshore wind farms in Asia, particularly in China, South Korea, and Japan. “If developers can overcome regulatory and permitting hurdles, offshore wind could become a vital tool for slashing emissions in the years ahead.” In Europe, offshore wind is set for robust growth, with current policies aiming to multiply offshore wind capacity by four over the next decade.