Global Wind Energy Council’s Global Wind Report 2022.

Why in news?

• Report examines the full challenges of scaling up wind energy in an increasingly interconnected world, like supply chain geopolitics, social impacts, disinformation, cybersecurity and cryptocurrencies.
  • Global Wind Energy Council is the international trade association for the wind power industry.

Key highlights of the Report

• In 2021, Global wind industry added 94 GW of capacity globally, trailing behind the 2020’s record growth by only 1.8%.
• The onshore wind market added 72.5 GW worldwide. That is 18% lower than the previous year due to a slowdown in China and the US, the world’s two largest wind markets.
• Need to scale up annual wind energy installations by four times by 2030 to get on-track for a 1.5°C world.

About India’s Wind Energy Sector

• Ministry of New and Renewable Energy (MNRE) has estimated 140 GW wind energy capacity (30 GW offshore wind target) is needed by 2030.
• Globally, India ranks 4^th in installed wind capacity with 40.1 GW as of January 2022. Wind currently accounts for 10.2% of renewable generation capacity.
• World Bank has mapped 174 GW of fixed and floating offshore wind potential off India’s coastline; the strongest resource is found off Tamil Nadu, while good resource is also available off Gujarat.
• Innovative financing mechanisms such as blended finance and Green/ Masala Bonds are likely to boost availability of finance for renewable energy projects.