As the European Commission steps up its efforts in making Europe the first climate neutral continent by 2050, in November 2020, the European Commission launched the EU Strategy on Offshore Renewable Energy (‘the Strategy’), which proposes to increase Europe’s offshore energy capacity quite significantly.

The Strategy focuses on offshore wind sources, ocean energy, as well as other emerging technologies such as floating solar energy sources. The ambitious growth which is envisaged in the Strategy 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.

The European Commission will encourage cross-border cooperation between Member States on long-term planning and deployment in order to promote offshore renewable energy sources.

Investment of approximately €800 billion is estimated to be required between now and 2050, to meet the European Commission’s proposed objectives. The investment will be disseminated through the following channels and initiatives:

• Providing a clear and supportive legal framework;
• Mobilising all relevant funds to support the sector’s development; and
• Ensuring a strengthened supply chain.

Through the EU Green Deal movement, trade policy and the EU’s energy dialogues, the European Commission will support the global uptake of offshore renewable energy technologies which will be used to create greater opportunities for clean energy, high quality jobs, sustainable growth, and international competitiveness.