€800 billion needed for large-scale offshore renewable energy technologies

€800 billion needed for large-scale offshore renewable energy technologies

BAKU, Azerbaijan, Nov.20

By Leman Zeynalova – Trend:

The investment needed for the large-scale deployment of offshore renewable energy technologies by 2050 is estimated at almost €800 billion, around two thirds to fund the associated grid infrastructure and a third for offshore power generation, Trend reports with reference to the European Commission.

“Most of this money will come from private investment. This Strategy aims to provide investor certainty and to ease the perceived risk by targeted deployment of public funding. Measures including the future revision of the State aid guidelines and the Renewable Energy Directive will provide a fully updated framework to cost-effectively deploy clean energy,” the commission believes.

The European Commission, the European Investment Bank and other financial institutions will work together to support strategic investment in offshore renewable energy. In addition to the Recovery and Resilience Facility, the following EU funding instruments can play a strategic role in the roll-out of offshore renewable technologies:

InvestEU programmecan provide support and guarantees for emerging technologies to accelerate private investment through its different windows.

The Connecting Europe Facility can be used as a supporting instrument to promote grid infrastructure development but also offshore cross-border renewable energy projects.

The Renewable Energy Financing Mechanism will allow Member States, as of 2021, to provide financial contributions to renewable energy projects and receive statistical benefits in return.

Horizon Europe supports development and testing of new and innovative solutions.

The Innovation Fund under the EU Emission Trading System (EU ETS) can support the demonstration of innovative clean technologies at commercial scale, such as ocean energy, new floating offshore wind technologies or projects to couple offshore wind parks with battery storage or hydrogen production.

The Modernisation Fund under the EU ETS will also be available to support the development of offshore renewable energy in the 10 eligible Member States.

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Follow the author on Twitter: @Lyaman_Zeyn

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