Leaders from European countries surrounding the North Sea are set to pledge to expand renewable generation in the region to strengthen energy security, at a summit in Ostend, Belgium, on Monday.
Seven European Union countries, including France, Germany and the Netherlands, alongside non-EU countries Norway and the United Kingdom, willrapidly, develop "energy islands" - or connected renewable generation sites at sea - and work on carbon capture and renewable hydrogen projects in the region.
A draft of the leaders' summit declaration, seen by Reuters, said the nine countries aimed for a combined 120 gigawatts of North Sea offshore wind capacity by 2030, and 300GW by 2050, more than quadrupling the current 25GW. Final investment decisions in European offshore wind farms hit a ten-year low in 2022 as developers faced record-high inflation, soaring interest rates and volatile energy markets.
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