Germany, Belgium, the Netherlands and Denmark this week promised to build at least 150 gigawatts (GW) of offshore wind capacity in the North Sea by 2050, a 10-fold increase on current capacity.
That would be enough to power 230m European homes but the ambition is also to use the green power to make hydrogen and green fuels for heavy industries and transportation which cannot easily be directly electrified, Danish business minister Simon Kollerup said.
The European Commission targets 300 GW of wind at sea by 2050 up from the roughly 16 GW currently installed.
Denmark’s Climate and Energy Minister Dan Jorgensen said that the cost of installing 150 GW of offshore wind power would amount to hundreds of billions of dollars. He said that it would be financed “mainly” by private investors, and that any state subsidies would be “small”.