North Sea countries agree vast new offshore wind investment

Nine European countries bordering the North Sea have agreed to invest up to EUR 1 trillion in offshore wind installations over the years 2031-2040. The ‘Investment Pact for the North Seas’ sets out a plan to develop 15GW in each of the ten years.

At a Hamburg summit yesterday, heads of state and government ministers from Belgium, Demark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway, and the UK committed to a vast offshore wind build-out and an ambition to commission 300 GW of offshore wind power in the North Sea by mid-century.

The offshore wind sector, meanwhile, has committed to cost reductions, more than 90,000 new jobs, and EUR 1 trillion of economic activity. The Offshore Wind Investment Pact for the North Seas is to be underpinned by a Heads of State Declaration, an Energy Minister Declaration, and an Industry Declaration signed by more than 100 offshore wind companies engaged in the offshore wind sector.

“Today, Europe doubles down on offshore wind,” declared WindEurope Interim CEO, Malgosia Bartosik. “Government cooperation on offshore wind buildout can help crowd in EUR 1trillion of investments in the next decade. This is the best possible response to those who doubt Europe. And our drive to deliver energy that is homegrown, secure and affordable.”