CONNECT WITH US
TI(com)
Sponsored

CIP's journey through offshore wind turbulence

Vyra Wu, DIGITIMES Asia, Taipei 0

Credit: AFP

The offshore wind power industry is navigating turbulent waters amidst global economic fluctuations. Mounting inflationary pressures and escalating interest rates have cast a shadow over numerous projects, leading to their premature termination. Amidst these adversities, Taiwan's offshore wind Round 3.1 confronts its own hurdles, grappling with surging development costs and intense competition for international capital and resources. Despite these formidable headwinds, Copenhagen Infrastructure Partners (CIP) remains forging ahead with unwavering determination.

Keith Hsu, CFO of CIP Taiwan, underscores the organization's resilience amidst adversity, citing its status as the world's largest renewable energy fund. Notably, CIP embraces cutting-edge energy technologies, including floating offshore wind projects and green hydrogen, with the insurance market playing a pivotal role in facilitating the adoption and commercialization of these innovations.

Hsu emphasizes the indispensable role of insurance institutions in the fight against climate change, highlighting their crucial function in risk identification and management. In a proactive move to bolster offshore wind power insurance practices and prepare for active participation in Round 3.2 bidding, CIP collaborates with industry stalwarts CR Classification Society and Marsh McLennan Taiwan to host the "CIP Insurers Day" seminar.

Seth Peller, CEO of Marsh McLennan Taiwan, echoes this sentiment, referencing a recent study by the Geneva Association that underscores the insurance sector's role as a major player in carbon reduction efforts. As a strategic partner, Marsh McLennan Taiwan aims to assist local insurance entities in navigating the complexities of green energy and carbon reduction initiatives.

CR Classification Society, which provides marine warranty surveys, technical consultation, and renewable energy verification, embarks on a collaborative journey with CIP, transitioning from offshore wind power ventures to the burgeoning green alternative fuel landscape, marking a significant milestone in the offshore wind power continuum.

Notably, CIP's Fengmiao offshore wind farm, a flagship venture in Round 3.1, garners overwhelming support from all 14 domestic insurance companies during the pre-bidding phase, underscoring the industry's vote of confidence in CIP's enduring commitment to sustainable energy initiatives.