Offshore wind in northern Europe.
Falling costs, the adoption of net zero carbon targets and a growing acceptance of the role ‘green’ hydrogen will play in natural gas decarbonisation have seen northern European countries’ raise their targets for new offshore wind capacity. Energy island concepts are being promoted to tap the resource further offshore. Denmark will build two energy islands as the centrepiece of its plans to deliver huge emissions cuts by 2030.
Oil majors looking towards energy source diversification are likely to be attracted to offshore wind.
It is unclear whether Carbon Capture and Storage projects will lose out to ‘green’ hydrogen production or be pursued in tandem.
The offshore wind sector and its supply chains are likely to become an important source of new job creation.
