This report, published by the International Renewable Energy Agency (IRENA) in 2021, examines the impacts of innovation in the offshore wind industry. The report highlights the importance of international cooperation and the role of IRENA as a platform for knowledge sharing and driving action on the ground. The report was prepared by a team of authors under the supervision of Paul Durrant and was reviewed by experts from the European Commission and the World Trade Organization. The report provides valuable insights into the potential of offshore wind as a key contributor to the global transition to renewable energy.