To help meet the EU's goal of climate neutrality by 2050, the European Commission today presents the EU Strategy on Offshore Renewable Energy. The Strategy proposes to increase Europe's offshore wind capacity from its current level of 12 GW to at least 60 GW by 2030 and to 300 GW by 2050. The Commission aims to complement this with 40 GW of ocean energy and other emerging technologies such as floating wind and solar by 2050.
This ambitious growth will be based on the vast potential across all of Europe's sea basins and on the global leadership position of EU companies in the sector. It will create new opportunities for industry, generate green jobs across the continent, and strengthen the EU's global leadership in offshore energy technologies. It will also ensure the protection of our environment, biodiversity, and fisheries.
To promote the scale-up of offshore energy capacity, the Commission will encourage cross-border cooperation between the Member States on long term planning and deployment. This will require integrating offshore renewable energy development objectives in the National Maritime Spatial Plans which coastal states are due to submit to the Commission by March 2021. The Commission will also propose a framework under the revised TEN-E Regulation for long-term offshore grid planning, involving regulators and the Member States in each sea basin.
The Commission estimates that investment of nearly EUR800 billion (US$949.5 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 framework, help mobilize all relevant funds to support the sector's development, and ensure a strengthened supply chain.
Offshore renewable energy is a rapidly growing global market, notably in Asia and the United States, and provides opportunities for EU industry around the world. Through its Green Deal diplomacy, trade policy, and the EU's energy dialogues with partner countries, the Commission will support global uptake of these technologies.
