An investment pact unveiled at the North Sea Summit in Hamburg aims to mobilise up to €1 trillion of economic activity for Europe’s offshore wind sector over the coming decade, industry body WindEurope said.
Seven heads of state and government, together with energy ministers from nine North Sea countries, backed the Offshore Wind Investment Pact, which sets out plans to accelerate deployment to strengthen energy security and competitiveness.
Under the agreement, governments including Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway and the UK committed to delivering around 15GW of offshore wind capacity a year between 2031 and 2040, alongside measures to reduce risks for new projects.
The pact is supported by a Heads of State Declaration, an Energy Minister Declaration and an Industry Declaration signed by more than 100 companies. Together, the countries reaffirmed their ambition to install 300GW of offshore wind across the North Seas by 2050.
Offshore wind capacity currently stands at about 37GW across 13 European countries, comprising more than 6,000 turbines, WindEurope said, adding that deployment has been slowed by higher capital costs, sub-optimal auction design and uncertainty over future project pipelines.
To address these challenges, governments pledged to provide greater planning and investment certainty, including adopting two-sided contracts for difference as the standard auction model and removing regulatory barriers to power purchase agreements.
WindEurope said a coordinated buildout of 15GW a year during the 2030s would give the supply chain confidence to invest in manufacturing capacity, ports and vessels. The industry also committed to cutting offshore wind costs by 30% by 2040 compared with 2025 levels, driven by scale, lower financing costs and further industrialisation.
Developers and suppliers pledged to create an additional 91,000 jobs and invest €9.5bn across the value chain, including manufacturing, ports and vessels, according to the trade body.
Transmission system operators will meanwhile identify around 20GW of economically promising cross-border projects by 2027 for delivery in the 2030s, covering hybrid offshore schemes and projects connected across national borders, alongside developing cost-sharing principles.
“Today Europe doubles down on offshore wind. Government cooperation on offshore wind buildout can help crowd in €1 trillion of investments in the next decade,” said WindEurope interim chief executive Malgosia Bartosik.
“This is the best possible response to those who doubt Europe – and our drive to deliver energy that is homegrown, secure and affordable,” she added.
