Since the end of 2021, we’ve seen an increasing number of governments not only reiterated their commitment to accelerating the energy transition but also further increase their targets for deploying more offshore wind. At the forefront of these nations are the United Kingdom (UK), Germany, Denmark, Netherlands, Belgium, Sweden and Norway.
For example, on April 7, 2022, the UK raised its Offshore Wind target from an already ambitious 40 GW to 50 GW by 2030 and slashed project approval times. The Country had nearly 10.4 GW of installed Offshore Wind capacity at the beginning of 2021, up from just 950 MW in 2009.
On May 11, 2022, Norway’s Prime Minister Jonas Gahr Støre announced that the Country aims to achieve an eye-watering 30 GW of Offshore Wind by 2040. Norway currently has one 30 MW operating Offshore Wind project, Equinor and partner Masdar‘s Hywind floating pilot project.
Key Growth Drivers
- Reduce carbon emissions and stay within Paris commitment
- Energy independence and national security
- Increase demand for reliable and affordable green power generation at scale
- Electrification across industries
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