Toward Ocean Energy Readiness in Indian Ocean Rim Association Member States

Why It Matters

Accelerating offshore renewable deployment will secure energy independence for island nations while delivering economic growth and climate benefits across the Indian Ocean region.

Key Takeaways

• IORA and IRENA partner to accelerate offshore renewable energy adoption.
• Floating offshore wind offers >60% capacity factor in deep‑water sites.
• Global floating wind potential ~13 TW, but only 270 MW operational today.
• Cost of offshore wind fell 62% since 2010, reaching $0.079/kWh.
• Financing, regulatory clarity, and skilled workforce remain major deployment barriers.

Summary

The Indian Ocean Rim Association (IORA) and the International Renewable Energy Agency (IRENA) launched a two‑part webinar series to boost ocean‑energy readiness across 23 member states and 12 dialogue partners. Speakers highlighted the strategic importance of offshore renewables—particularly floating wind and solar PV—to diversify energy mixes, enhance security, and support blue‑economy objectives in coastal and island contexts.

Presentations underscored the scale of the challenge: 2024 saw a record 4,443 GW of global renewable capacity, yet the 1.5 °C pathway demands roughly 11,000 GW by 2030. Offshore wind contributed only 8.6 GW in 2024, far short of the projected 55 GW annual addition needed. Nonetheless, cost reductions of 62 % since 2010 have driven levelized electricity prices to $0.079/kWh, making offshore wind increasingly competitive.

The webinar cited concrete examples: the Abu Dhabi Declaration (2014) and the New Delhi Ministerial meeting (2018) set policy targets; Norway’s 88 MW Tampen floating wind farm and the UK’s ambition for 24 GW by 2050 illustrate early commercial deployments. IRENA’s Global Atlas and IORA’s collaborative frameworks aim to provide resource assessments, financing tools, and regulatory guidance to bridge the gap between concept and construction.

For member states, the takeaway is clear: unlocking the estimated 13 TW of floating wind potential requires coordinated policy, targeted financing, and skilled human capital. Accelerating offshore renewable projects can reduce reliance on imported fuels, create thousands of jobs, and cement the Indian Ocean region’s role in the global energy transition.

Original Description

This two-part webinar series introduced offshore renewable technologies, including offshore wind and floating solar, as well as ocean energy technologies such as wave, tidal, ocean thermal energy conversion (OTEC), and salinity gradient systems.