Co. Antrim Northern Ireland. Image: Ballygally View Images Shutterstock

A new report from the International Energy Agency says wind power could be worth $ 1 trillion by 2040 and that the energy produced has the potential to exceed global energy needs.

Talk about a breath of fresh airWritten by writer Steven E. de Souza.

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the IEA Report discusses the wind energy sector and describes that as investment increases and technology becomes cheaper, the sector could explode.

The IEA estimates that global offshore wind capacity could increase 15-fold and attract around $ 1 trillion in total investment by 2040. This is due to cost reductions, supportive government policies and some technological advancements. notable, such as larger turbines and floating wind turbines. . This is just the beginning: the IEA report concludes that offshore wind technology has the potential to become much stronger with increased support from policy makers.

Offshore wind energy currently only provides 0.3% of global energy production, but its potential is enormous.

Fatih Birol, Executive Director of the AIE.

It would take a major infrastructure commitment to develop wind power to the point that it can generate most of the world’s energy needs, but it is not impossible. As The Guardian noted on Friday, “If wind farms were built at all usable sites that are no more than 60 km from the coast and where coastal waters do not exceed 60 meters in depth, they could produce 36,000 terawatt hours of renewable electricity per year.“.

This would easily meet the current global electricity demand of 23,000 terawatts / hour.“He added The Guardian.

Such a shift in global energy demand would require “massive public investment, business leadership and political leadership.”Friends of the Earth green group said on Twitter.

350 Action founder Bill McKibben saw no need to wait.

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Wind turbines in the shallow parts of the planet’s oceans can provide more electricity than the planet usesMcKibben said. “So let’s go!