The Cost Story
Costs fell 10% in 2024 (IEA) — a real win — but inflation and supply chain chaos are eating those gains. LCOE comparisons that ignore full system costs (grid reinforcement, storage integration) overstate the benefit. Offshore wind's levelized cost is only competitive where subsidies exist.
Key figures:
- Global renewable investment: $480 billion in 2024 (+38% YoY)
- Solar capacity: 657 GW globally (doubled)
- Offshore wind capacity: ~70 GW cumulative global
- China 2024 offshore builds: 8 GW (Ember)
Installation Race
China dominated 2024 with 8 GW. Ember reports 263 GW of targets across 27 countries. The gap between targets and installed capacity is widening, not closing.
China's advantage isn't just cost — it's speed. The country can go from permit to first power in 18 months, while Europe averages 5–7 years. That's the real story behind the numbers.
Key Sources
- IEA World Energy Investment 2024
- Ember Global Electricity Review
- IRENA Energy Perspectives
- Carbon Brief — China Briefing (March 2026)
- 2025 China Government Work Report
Why it matters: The cost gap between offshore wind and solar is narrowing, but permitting timelines are the bigger bottleneck. Without policy reform, the targets will keep missing.