<p>This finance-focused paper by Global Wind Energy Council explores the key factors influencing the levelised cost of electricity (LCOE) for offshore wind projects across the Asia-Pacific (APAC) region, drawing comparisons with mature markets like the UK, Germany and China. It assesses how macroeconomic conditions, regulatory frameworks, market maturity and technological innovation shape the economics of offshore wind. It also outlines what governments and investors can do to unlock cost reductions. Key findings reveal that LCOE tends to decline sharply after the first 2 to 3 GW of installed capacity, as supply chains develop, policy clarity improves and project financing becomes more affordable.</p>

Financing Offshore Wind in APAC: Assessing the Cost Competitiveness of Offshore Wind

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Offshore wind report

Japan

Philippines

South Korea

Taiwan

Viet Nam

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An aim to achieve a quantifiable outcome within a given time-frame, set by an institution such as a national government.

Policy instruments are techniques or tools used by governing authorities to promote certain policies in order to achieve predetermined goals. Put simply, instruments are how a government tries to achieve its goals, with this taxonomy being focused on national policy instruments.

Risk is the potential for adverse consequences resulting from the dynamic interplay between (climate-related) hazards, exposure, and vulnerability of affected human or ecological systems.

Groups  of people who are adversely affected by climate change or the response to it

A set of principles, processes, and practices that build economic and political power to shift from an extractive economy to a regenerative economy.

Justice is the ethical and political framework that addresses fairness, including issues of responsibility, rights, and structural inequity.

Renewable energy means all forms of energy produced from renewable sources in a sustainable manner.

Fossil fuel is a generic term for non-renewable energy sources such as coal, fossil gas, and oil (including crude oil, and petroleum products), that can be used for electricity and heat generation. Fossil fuels are hydrocarbons formed from pressurised and heated organic material buried over millions of years.

Molecules in the atmosphere that play a key role in the greenhouse effect by trapping heat radiating from Earth’s surface.

Area of the economy in which actors engage in identical or related activities.

In human systems, the process of adjustment to actual or expected climate change and its effects, in order to moderate harm, increase resilience or exploit beneficial opportunities. In natural systems, the process of adjustment to actual climate change and its effects; human intervention may facilitate adjustment to expected climate change and its effects.

The management and allocation of funds, assets and investments to meet various objectives

A loan is a policy instrument where funds are provided to a borrower with the expectation of repaying the principal plus interest.

A subsidy is a direct or indirect payment to individuals or businesses, typically provided as a government cash payment or a specific tax reduction.

Financial support to help individuals manage the effects of unexpected events, securing their livelihoods and increasing the resilience of people and businesses to the changing climate. It’s especially vital in developing regions where everyday risks, climate-related weather extremes, or crop failures can push people into poverty. Without insurance, people may have to resort to selling assets or cutting consumption to cope with losses.

A financial institution that manages a country's currency and can promote climate-related initiatives through green monetary policy and other means.

A target to reduce the prevalence of a greenhouse gas over a specific time frame

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Either money or something of monetary value is transferred between two or more organisations, people or countries.

Production of electricity and heat from solar irradiation.

Kinetic energy of airflow transformed into useful energy, mostly electrical energy.

Oil is a combustible liquid fossil fuel composed mainly of hydrocarbons, occurring as crude oil and refined into petroleum products such as petrol, diesel and kerosene.

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Coal is a combustible sedimentary rock formed from carbonised plant matter, rich in carbon and hydrocarbons, and occurring in several main types including hard coal and brown coal.

Any compulsory, unrequited payment to the government levied on corporations or individuals. This can be for environmental reasons, such as introducing a Carbon tax to set a price that emitters must pay for the greenhouse gases they emit.

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the fair distribution of risks and opportunities of climate change and the transition to a regenerative economy, cognisant in particular of disproportionate impacts on vulnerable communities and the working class

Financing Offshore Wind in APAC: Assessing the Cost Competitiveness of Offshore Wind

Target

Policy instrument

Climate justice

Renewable energy

Fossil fuel

Economic sector

Adaptation/resilience

Finance