1. Renewable energy mismatch in China has raised concerns over the coastal region’s carbon neutrality progress, offshore wind could be one solution.
2. Although the dramatic surge of offshore wind in 2021 was mostly due to the cancellation of national subsidies, there are several reasons why offshore wind power growth could stay strong despite the removal of subsidies. Policy signals and great potential wind resources on the sea are major reasons.
3. Challenges also exist. Costs remain the main barrier. High construction costs in vessel renting and installation of submarine cables and high operation and maintenance costs are likely to continue in the short term.
4. In the middle of every challenge lies great opportunities. New technologies such as floating offshore wind and synergies like the offshore wind with oil or hydrogen production are at the forefront.