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MARKETS ASIA OFFSHORE WIND

Vietnam’s South Central region offers technical potential stands at approxi- attractive conditions for bottom-fxed mately 178 GW.

turbines due to shallow waters near Offshore wind could address several existing port infrastructure. However, pressing issues for the Philippines: re- regulatory uncertainties and insuffcient ducing reliance on imported fossil fuels, grid capacity have hindered progress. alleviating land-use conficts for energy

International developers have been cau- development, and enhancing energy tious about entering Vietnam’s market independence amid volatile global due to unclear policies and high invest- markets. However, like Vietnam, the ment risks. Despite these challenges, Philippines faces signifcant obstacles

Vietnam’s extensive experience in off- including regulatory ineffciencies and shore oil and gas could provide a foun- limited local supply chain capabilities. dation for developing its offshore wind industry if regula- Recent government initiatives, such as streamlined permit- tory support to attract foreign capital is implemented. ting processes, offer hope for accelerated development.

The frst commercial-scale projects are expected online

Te Philippines: A High-Stakes Frontier by 2030 with gradual growth thereafter.

The Philippines also has signifcant potential for foat- ing offshore wind due to its deep waters and fragmented Geopolitical Challenges geography comprising over 7,000 islands. The country’s Offshore wind development in EAP does not exist in a

Exhibit 8 Geopolitical risk—market sensitivity—business environment risk matrix. Bubbles and their titles represent the total installed capacity market size (projected for 2035). Source: author’s creation. For the “business environment risk” indicator, interpretation of data from Allianz Trade (“Country Risk Ratings & Reports,” Allianz Trade, accessed

December 4, 2024, https://www.allianz-trade.com/en_US/resources/country-reports.html). 30 OFFSHORE ENGINEER OEDIGITAL.COM