The EU has “all it needs” to deliver on its €800bn 300GW offshore wind ambition by 2050, according to the European green deal executive vice-president Frans Timmermans.

He was speaking at the launch of the EU strategy on offshore renewable energy and said: “With our vast sea basins and industrial leadership, the European Union has all that it needs to rise up to the challenge."

Europe is the global leader for developing ocean energy technologies and EU companies hold 66% of the world's patents in tidal energy and 44% of patents in wave energy technology, he outlined.

“Already, offshore renewable energy is a true European success story. We aim to turn it into an even greater opportunity for clean energy, high-quality jobs, sustainable growth and international competitiveness,” he said.

Ambitious strategy

The EU strategy on offshore renewable energy proposes to significantly increase Europe's offshore wind capacity.

Currently, the EU produces 12GW from offshore wind and is aiming to increase this to at least 60GW by 2030. The target is then to eventually increase this capacity to 300GW by 2050.

The strategy also includes a goal of 40GW of ocean energy generation from emerging technologies such as floating wind and solar over the next 30 years.

The European Commission estimates that nearly €800bn will be needed between now and 2050 to deliver the strategy.

This will require integrating offshore renewable energy development objectives in the national maritime spatial plans. Coastal states are due to submit these by March 2021.