Offshore wind power: How to unlock the necessary investments?

The European Commission estimates up to 450 GW of offshore wind power is needed by 2050 for Europe to deliver climate neutrality. Electricity will represent at least 50% of the total energy mix in 2050 and 30% of the future electricity demand will be supplied by offshore wind.

The EU is committed to drive offshore wind development. Continued improvements in manufacturing and turbine design, as well as improved capacity factors, have driven down the costs of wind power and confirmed its position as a key driver of the clean energy transition. In 2020, a new strategy on offshore renewable energy will be published as part of the European Green Deal.

EU companies have invaluable experience by being first movers – the first offshore wind farm was installed in Denmark, in 1991. But it is no longer just the North Sea producing vast quantities of offshore wind. There is large energy potential in the Baltic Sea, exceeding 93 GW, according to the European Commission. Thus, this basin will become the area with second-largest offshore wind potential in Europe.

Poland has initiated a joint initiative to harness the potential of the Baltic Sea. In September, together with Denmark, Estonia, Finland, Lithuania, Latvia, Germany and Sweden, they signed the ‘Baltic Sea Offshore Wind Declaration’. This will help build the value of low-carbon, innovative economies in those Member States.

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Offshore wind power: How to unlock the necessary investments?

 

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