Heliyon (Aug 2024)
The utilization of renewable energy and the economic potential of offshore wind power supported by digital finance
Abstract
Colombia is well-positioned for the development of sustainable energy due to its abundance of natural resources, which include water, wind, and sun. Regulating the safe and sustainable use of offshore wind energy, which is considered non-conventional, is lacking in the nation, nonetheless. The development of offshore wind technology in Colombia shows potential to meet energy needs during dry hydrological conditions and El Niño/Southern Oscillation events when the hydroelectric system power supply is low. This study examines global initiatives that have encouraged nations to develop plans for cutting their CO2 emissions, stressing both their successes and shortcomings in putting offshore wind technology into practice. An examination of Colombia's renewable energy administrative framework finds a lack of data required to carry out offshore wind projects. Furthermore, a review of previous research on marine energy emphasizes how important it is to expand our knowledge of offshore wind generation. Although the majority of local renewable energy projects concentrate on terrestrial sources, an analysis of wind speed and wind power density in Colombia at different altitudes shows promising magnitudes and good trends.Digital finance plays a crucial role in this context by providing innovative funding mechanisms, enhancing financial accessibility, and reducing investment risks through improved financial technologies. These advancements support the mobilization of capital necessary for the development and expansion of offshore wind energy projects.As a result, the technical, economic, administrative, and legal data pertinent to renewable energy in Colombia is compiled in this study. It proposes to provide information to stakeholders involved in decision-making processes and promotes the possible installation of offshore wind farms in regions close to Colombia's Caribbean coast. Because of its plentiful resources, Colombia offers a great chance to implement offshore wind energy technology, which will lessen dependency on fossil fuels and provide a backup energy source in case of supply shortages. The integration of digital finance is key to unlocking the economic potential of these projects, ensuring sustainable and scalable energy solutions for the future.
