Abstract
Global electricity demand is expected to double by 2050, and offshore wind (OSW) will play a critical role in meeting this demand. However, fixed-bottom OSW alone cannot unlock the scale or geographic diversity required to meet this target and achieve global decarbonisation goals. With 70% of OSW resources 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 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 and unlock FLOW’s economic, industrial, and energy security benefits and establish FLOW as a mainstream global energy solution.
This whitepaper identifies four levers for commercialisation - economies of scale, attractive policy landscapes, learning-by-doing and targeted R&D. While all four are necessary, policy must come first. Clear, stable targets, 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.
The FLOW industry is ready: the technology is proven, early projects demonstrate strong performance, and global developers and suppliers stand prepared to invest. Yet the industry is at a stalemate: developers need clearer policy, suppliers need confidence in future demand, and governments want to see cost reduction before providing stronger support.
What is needed now is a coherent international commitment to create favourable market conditions. Over the next few years, governments must move beyond ambition toward coordinated, durable policy action that treats FLOW as a distinct technology.