Offshore Wind Development Presents Complex Challenges

As offshore wind power generation grows, the landscape is becoming increasingly rife with risks.

Decarbonization and reduced carbon emissions are at the heart of the ongoing energy transition. Today, all stakeholders — producers, retailers, investors, governments, and consumers — are looking for ways to shift the world away from the consumption of fossil fuels towards cleaner, renewable energy sources.

Technological improvements, competitive supply chains, and improving economies of scale will continue to reduce the costs of wind power, positioning it to lead the global electricity sector transition. The International Renewable Energy Agency (IRENA) projects that by 2050, onshore and offshore wind will become the world’s leading energy source, generating more than one-third (35%) of total electricity needs.

These advancements, however, are not without risk. Marsh JLT Specialty is supporting the energy transition, helping industry participants and investors better understand and transfer risks while reducing volatility. Our global team of offshore wind specialists take a consultative approach, working with our clients to deliver risk and renewable energy insurance solutions that are tailored to meet the needs of each project.

 to learn more about the complex factors affecting the offshore wind industry, and how Marsh can guide you in understanding these risks and reducing volatility. 

Offshore Wind Development Presents Complex Challenges