The economic and ecological potential of offshore wind turbines is far from exhausted, according to the assessment of the international law firm Hogan Lovells and the World Forum Offshore Wind (WFO).
“The upward trend of the worldwide offshore industry continues. The year 2020 will mark a further high of the contribution of offshore wind to the overall energy mix”, says Dr Christian Knütel, Partner at Hogan Lovells in Hamburg.
Together with Prof. Dr Martin Skiba and Gunnar Herzig from the WFO, the expert for offshore projects has now presented the handbook “Offshore Wind Worldwide – Regulatory Framework in Selected Countries”, a comprehensive review of the public and regulatory framework conditions of worldwide offshore wind power markets.
Worldwide, experts anticipate the capacity of offshore wind energy facilities to increase to over 70 gigawatts (GW) by 2030, with Europe contributing 40 GW. The market is expected to grow by USD 230 billion by the end of this decade. According to Gunnar Herzig, Managing Director of the WFO, there are three main reasons for the global breakthrough of offshore wind power: cost reductions, technical maturity and global support.
“Technological advancements such as the advent of floating foundations for offshore wind farms create further spectacular growth opportunities as they open up new “deepwater”-markets such as California, Spain, Norway or Japan”, explains Herzig.
The global demands for CO2-friendly energy alternatives as well as the rapid development on the offshore wind markets make it almost impossible for even the most knowledgeable offshore wind experts to keep track of all regulatory developments and changes in the different markets around the world. The handbook presented here provides an overview of the legal framework conditions in the international offshore wind market, which is characterised by a large number of different regulations due to the lack of a uniform global policy.
The handbook is the result of an international collaboration between lawyers from Hogan Lovells and lawyers from Best-Friends law firms on three continents. Equipped with excellent industry knowledge, this handbook provides first-hand insights into national legal systems. It is updated annually, making it a companion for years to come and a first-class reference for a global overview of the legal conditions of the offshore industry.