EU Strategy on Offshore Renewable Energy
By Tom Carter, Senior Associate
As anticipated in the GoBeyondBlog in September, 2020, the European Commission has presented the EU Strategy on Offshore Renewable Energy. The Strategy is designed to increase Europe's offshore wind energy capacity fivefold in the next decade, from twelve to 60 gigawatts by 2030. This would be followed by another fivefold leap to 300 GW by 2050. The Strategy also proposes boosting emerging technologies—such as tide and wave energy and floating wind and solar—to add another 40 GW of offshore capacity by 2050.
Europe's geography gives most member states sea access, and EU companies have taken the lead in offshore energy technologies. The new Strategy will advance this leadership, generate green jobs, and help the continent achieve the carbon-free energy goals that form a cornerstone of the European Green Deal. It will also further the EGD’s protection of water quality, biodiversity, and sustainable fisheries.
The Commission estimates that investment of nearly €800 billion will be needed between now and 2050 to meet its proposed objectives. To help generate and unleash this investment, the Commission will:
Provide a clear and supportive legal and policy framework for electricity markets
Mobilize necessary funding to support expansion of the renewable energy sector, engaging the Recovery and Resilience Facility, the European Investment Bank, InvestEU, and Horizon Europe
Ensure a strengthened supply chain, utilizing the Clean Energy Industrial Forum
A key element of the Strategy is diplomacy with non-EU nations to coordinate global growth and technology transfer of renewable energy equipment, processes, incentives, and markets.
To read more about our perspective on the EU Green Deal, check out our EU Green Deal Series.
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