North Sea wind pact will require major state support

Significance

It is a pact of North Sea countries aiming to install almost 120 gigawatts of offshore wind capacity by 2030 and at least 300 gigawatts by 2050. The agreement reflects efforts to enhance European wind energy investment amid rising competition primarily from China.

Impacts

• Offshore wind sector growth will create substantial employment, but stretch skilled labour availability.
• Ports with the capacity to handle offshore wind operations, or the capacity to upgrade, will be well placed to attract new business.
• Successful delivery of the capacity target will also require progress in building the emergent North Sea power grid.