Nine European Nations Sign Offshore Wind Investment Pact in Hamburg to Boost Capacity and Cooperation
Nine European nations, including Belgium, Denmark, and the UK, have signed the Offshore Wind Investment Pact in Hamburg, committing to build 15 GW of offshore wind capacity annually from 2031 to 2040, with a target of 300 GW by 2050. The pact aims to reduce costs by 30% and create 91,000 jobs through a EUR 9.5 billion investment, while promoting regulatory cooperation and establishing a framework for joint offshore projects.
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Seven heads of state and energy ministers from Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway, and the United Kingdom gathered in Hamburg to launch the Offshore Wind Investment Pact for the North Seas. The pact commits to building 15 GW of offshore wind annually from 2031 to 2040, aiming for a total of 300 GW by 2050.
The offshore wind industry has pledged to reduce costs by 30% by 2040 and invest EUR 9.5 billion, creating 91,000 jobs. The agreement includes provisions for two-sided contracts for difference (CfDs) as the standard auction design and aims to remove regulatory obstacles for power purchase agreements (PPAs). The pact also establishes a goal of 100 GW of joint offshore projects by 2050, highlighting the importance of cross-border cooperation in addressing energy security and economic growth.
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