Study: Offshore wind turbines could power the world

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(CNN) – A new study predicts that wind could power the entire world.

Research published Friday says offshore wind power could generate enough electricity for every home and business on earth.

The International Energy Agency said lower costs of offshore wind could totally eliminate the need for using fossil fuels. The report is the first time the Paris-based energy watchdog has conducted such a comprehensive study of offshore wind.

It comes at a time when countries worldwide are trying to reduce carbon use and could help governments meet goals laid out in the 2015 Paris Climate Agreement.

According to the IEA, offshore wind accounts for just 0.3 percent of the global power supply. The agency forecasts that it could be the largest source of electricity in Europe in the 2040s.

The report says a trillion dollars could be invested in the industry over the next two decades.

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