European companies are leading a push into east Asia’s offshore wind market, as they seek to gain a foothold in the region while western turbine-makers still enjoy a technological advantage over their Chinese competitors.
South Korea, Taiwan and Japan have all committed to boost their share of renewables as part of ambitious government net zero targets, while electronics companies including TSMC, SK Group and Samsung Electronics have pledged to achieve 100 per cent renewable electricity in their worldwide operations by 2050.
Jesper Krarup Holst, a partner at project developer Copenhagen Offshore Partners and head of the company’s Seoul office, said that European companies had been attracted by a “fundamental shift” in demand for renewables in Asia, driven in part by US technology giants requiring suppliers to meet renewable energy targets.