Governments from nine North Sea countries, together with industry and power grid operators, have formed an investment pact aimed at mobilizing up to $1.17 trillion…
Governments from nine North Sea countries, together with industry and power grid operators, have formed an investment pact aimed at mobilizing up to $1.17 trillion (€1 trillion) in offshore wind investment and accelerating Europe’s buildout of offshore wind capacity.
Heads of State and Government and Energy Ministers from Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway and the United Kingdom gathered in Hamburg for the North Sea Summit, where they confirmed their ambition to install 300 GW of offshore wind capacity in the North Seas by 2050.
The parties signed the Offshore Wind Investment Pact for the North Seas, supported by a Heads of State Declaration, an Energy Minister Declaration and an Industry Declaration signed by more than 100 offshore wind companies across the value chain.
Under the pact, governments committed to providing planning and investment security and to de-risk offshore wind projects. This includes a pledge to use two-sided Contracts for Difference as the standard auction mechanism for offshore wind and to remove regulatory barriers to power purchase agreements between generators and corporate electricity buyers.
Governments also committed to a coordinated and steady deployment of offshore wind, contributing to a collective target of installing 15GW per year across the
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