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The EU is speeding its green transition. In 2022 renewable energy accounted for 21% of the EU's total energy consumption. Renewables are now expected to account for 42.5% of the EU's overall energy mix by 2030, up from 40% previously. The energy industry has implemented green energy usage and other climate mitigation initiatives.
I'm optimistic that 2024 will provide an impetus for addressing the unsuccessful objectives that characterise offshore wind. Beginning in 2020, global events dealt a severe blow to the offshore wind sector. In 2024, European countries will hold new offshore wind auctions of around 50 GW. This could give rise to the ambitious goal of 300 GW of offshore wind by 2050.
Factors to watch out for-
The repercussions in 2023 were primarily driven by rising raw material rates, high financing expenses, and difficulties in the supply chain making the cost to rise approx 40%-65%. The European Union's new European Wind Charter, signed last month by 26 energy ministers and more than 300 wind energy corporations, intends to enhance Europe's wind value chain. This could be a key aspect in getting reinstated on track.
I anticipate that it will benefit current economies in the North Sea region, notably the United Kingdom, Germany, the Netherlands, and Denmark. EU policies have the potential to stimulate the development of new offshore wind energy resources. in early-stage regions like Norway, Ireland, and Finland.
New Auctions on the table-
'The Netherlands is preparing to auction the 4 GW Ijmuiden Ver. Denmark is scheduled to auction 9 GW of offshore wind capacity across five sites, and Germany proposes to tender for 8 GW of additional offshore wind power in 2024. The French government aims to establish two floating wind farms, each with a capacity of 230 MW to 280 MW, with $4.5 billion in European Commission financing.'
Let's see if the expenditure threshold surpasses €150 billion, though the leading 40 European energy players are anticipated to invest between €110 and €125 billion!
