The EU presented its strategy on Offshore Renewable Energy, aiming 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, through cross-border cooperation and the integration of 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 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 framework (clarfication of the electricity market rules, revisions of the State aid guidelines on energy and environmental protection and of the Renewable Energy Directive to facilitate cost-effective deployment of renewable offshore energy).
- Help mobilise all relevant funds to support the sector's development (Recovery and Resilience Facility, European Investment Bank and other financial institutions, InvestEU, Horizon Europe).
- Ensure a strengthened supply chain (establish a dedicated platform on offshore renewables within the Clean Energy Industrial Forum to bring together all actors and address supply chain development like improving manufacturing capacity and port infrastructure).