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Offshore Wind Energy

Increase in offshore wind capacity by 2050

The European Union wants to increase its offshore wind capacity from 12 to 300 gigawatts (GW) by 2050, according to new plans laid out on Thursday. The “Offshore Renewable Energy Strategy” from the European Commission, the EU’s executive arm, will also aim for 40 GW of ocean energy such as tidal and wave power within the same time frame.

Shorter term, the plans aim to make offshore wind capacity hit at least 60 GW by 2030. For ocean energy, the target is at least 1 GW by then. Ocean energy capacity currently amounts to just 13 megawatts.

The content to be read here is part of a CNBC report about the European Union is targeting 300 gigawatts of offshore wind capacity by 2050.

The full CNBC report can be read on >> cnbc.com

“Europe is a world leader in offshore renewable energy and can become a powerhouse for its global development. We must step up our game by harnessing all the potential of offshore wind and by advancing other technologies such as wave, tidal and floating solar. A 25-fold increase in offshore wind would require a major investment in infrastructure.”

Kadri Simson

European commissioner for energy.

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CNBC

CNBC is an American pay television business news channel that is owned by NBCUniversal News Group, a division of NBCUniversal, with both being ultimately owned by Comcast. Headquartered in New Jersey, the network primarily carries business day coverage of U.S. and international financial markets. Following the end of the business day and on non-trading days, CNBC primarily carries financial and business-themed documentaries and reality shows. 

With international headquarters in London and Singapore, CNBC International covers news and features from Europe, the Middle East, Africa and Asia Pacific. CNBC provides breaking news, real-time financial market coverage and business information to approximately 385 million homes worldwide.

The cost of the new plan will be significant. The Commission estimates that almost 800 billion euros (around $946.2 billion) of investment will be required between now and the middle of the century for the goals to be met. 

Roughly two-thirds of this will be needed for grid infrastructure, while one third will go towards power generation. It’s expected that the majority of this cash will stem from private investment. 

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Industry body WindEurope welcomed the new strategy. Huge investments are needed in offshore grid connections and also in the reinforcements of onshore grids [...] ports would need 6.5 billion euros of investment in the next 10 years.

A question and answer document outlining the new strategy described the “decarbonization of the power sector through renewable energy” as “one of the key elements of the European Green Deal.”

The European Green Deal refers to the European Commission's overarching plan for the European Union to be climate neutral by 2050.

The content and images provided in this article for informational purposes are featured and copyright protected by multiple notable members of the community: 

 

cnbc.com

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