Leading Sponsor Supporting Sponsor Table of Contents Foreword2Introduction5Wind energy’s role on the road to net zero8Enabling technology: Power-to-Xand green hydrogen19Market status 202043Markets to watch55Market outlook 2021-202567Appendix73 Valuable review and commentaryfor this report was received from:• Silvia Piana and Francesca Manni(Enel Green Power)• “Sustainability in the wind energy industry” section:Karl Zammit-Maempel (COP26 Climate Champions)• Industry reviewer (requested anonymity) Global Wind Energy CouncilRue Belliard 51-531000 Brussels, BelgiumT. +32 490 56 81 39info@gwec.netwww.gwec.net Published25 March 2021 Lead AuthorsJoyce Lee, Feng Zhao Text edited byAlastair Dutton, Ben Backwell, Ramón Fiestas, LimingQiao, Naveen Balachandran, Shuxin Lim, WanliangLiang, Emerson Clarke, Anjali Lathigara Designlemonboxwww.lemonbox.co.uk Word from the Chairman drive a higher system value thanfossil fuel-based options time andagain. They are cleaner, safer,cheaper, more labor-intensive anduse less water. of us. As renewable energy grows,wind energy will become thebackbone of energy systems inmany parts of the world, requiringus to move beyond the focus onsimply increasing wind energycapacity to instead instigating newcollaborations with stakeholdersacross the global energy systemto uncover more powerful policiesand unlock greater investments tofuel the Sustainable EnergyTransition. This entails expandingour reach to cover key issues suchas grid build-out, storage, marketredesign and accelerating thedeployment of renewable energyto new sectors. At this point last year, the globaldisruption of COVID-19 was onlyjust beginning to take shape. Isincerely hope that 2021 will seethe world overcoming thepandemic. Until then however, toparaphrase Albert Einstein, “In themiddle of difficulty liesopportunity.” Right now, we are inthe midst of a rare period ofopportunity: to build back better,to create more resilient societies,and to get serious aboutcombating climate change. Experience also shows that thebenefits of historic green recoverymeasures have exceeded the levelof investment by far. Analysis fromIRENA shows that every dollarspent on Sustainable EnergyTransformation will deliver a payoffbetween $3-7. It’s now up to us totake this evidence forward to drivechange. Morten DyrholmChairman, Global Wind Energy Council The system value approach alsorequires us to look inwards andevaluate our own sustainabilityambitions. Are we doing enoughto decarbonise our ownoperations, to promote diversityand inclusion, to improve healthand safety, or to nurturecircularity? Many of us have thepower and autonomy to driveprogress in our own organisations. The indications look promising.Recovery and stimulus measures aregetting greener. The number ofcountries, cities and companiesstriving for net zero is on the rise.COP26 could become the climatesummit that will yield tangible action,leaving the work of persuasion andpromises firmly in the past. Succeeding in our task entailsshifting the focus of both policymakers and the private sectorfrom cost to value. Adopting asystem value lens means lookingbeyond the size of recoverypackages, investment needs orthe cost of energy. It requires aholistic view, whereby we buildrobust frameworks that supportsolutions that maximise positiveimpacts while discouragingnegative impacts. Renewables willbe part of the solutions as plentyof data proves that renewables I venture a bet here: 2021 willmark our entry into the decade ofrenewables. The stage is set forglobal commitment to theSustainable Energy Transition, theonly road that can lead us to netzero by 2050. GWEC will continue to supportour industry with every step of thistransformational journey. 2021 willbe a pivotal year for our planet’sfuture. I’m looking forward to it. Source of the return on investment: IRENA, Transformingthe energy system, 2019, https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2019/Sep/IRENA_Transforming_the_energy_system_2019.pdf We have an important task ahead Welcome to the Global Wind Report 2021 the year when a real breakthroughwas made in the energy transition,and a new, accelerated path ofgrowth was established ascountries and regions started toimplement their plans to reach netzero CO2emissions in earnest. has increased, particularly drivenby the growing concern, angerand activism of young people,progress on the ground is still farfrom the level needed to get theworld on a trajectory that willrestrict global averagetemperature increases to no morethan 1.5°C. When we look back, in years tocome, at this 2021 edition of theGlobal Wind Report, we hope wewill see it as marking a trueinflection point. If we are successful as a society,we will remember 2021 as the yearwhen the world finally turned thecorner in confronting the climatecrisis by adopting a decisive pathof collective action at the COP26meeting in Glasgow. That, then, is the hope. And that’swhy the Global Wind EnergyCoun