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EU seeks EUR 789bn boost for giant offshore wind farms

The European Union wants a massive increase in offshore wind to help clean up the electricity industry and aid the recovery after the pandemic.

Photo: Phil Noble/Reuters/Ritzau Scanpix

To meet its mid-century goal of becoming the world’s first climate-neutral continent, the European Union needs to boost offshore wind capacity to 300 gigawatts by 2050 from just 12 gigawatts now, according to an EU roadmap published on Thursday. That will require as much as EUR 789 billion in investment, mostly from utilities and energy majors.

The strategy proposed by the European Commission details how to unlock the potential for wind farms at sea that’s getting cheaper every year and are more powerful than those on land. But the industry is still struggling with bureaucratic hurdles, while fierce competition for deals makes each project less profitable.

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