Specifically, the $940bn planned investment would push Europe to the top of the ranks in terms of installed offshore wind capacity.
The EU thrives for a greener future, as it is considering a new draft energy plan, aiming for 60 gigawatts (GW) of offshore wind by 2030 and 300GW by 2050. For the records, its current capacity is 12GW.
The UK, that has quit EU, has made similarly offshore wind projections recently, with prime minister Boris Johnson claiming last month that offshore wind farms will generate enough electricity to power every home in the UK within a decade. In addition, the UK announced the government’s plans about the green industrial revolution, revealing the country’s 10-point plan.
In early 2020, the European Union presented the European Green Deal’s Investment Plan – the Sustainable Europe Investment Plan, which will attract public investment and unlock private funds through EU financial instruments, most importantly InvestEU, which can lead to at least €1 trillion of investments.