Nine countries, including Belgium, are joining forces with business to invest €1 trillion in the construction of new wind farms in the North Sea. They announced this at the North Sea Summit in Hamburg earlier in the week. The aim is to generate eight times as much wind energy than today by 2050 in order to become less dependent on countries like Russia and the United States.
Climate & Environment
Belgium joins countries making mega investment in North Sea wind energy
Colin Clapson
Published:
Belgium, Denmark, Germany, France, Ireland, Luxembourg, the Netherlands, Norway and the United Kingdom have agreed to invest heavily in new wind farms in the North Sea.
By 2050, offshore wind capacity should rise to 300 gigawatts. 300 gigawatts corresponds to the capacity of 300 large nuclear reactors (with the difference that nuclear reactors can generate electricity 24/7, while wind turbines only generate electricity when it is windy). By way of comparison, the existing wind turbines in the North Sea currently have a combined capacity of 37 gigawatts. This means that seven times as much capacity will still need to be added.
The governments of the North Sea countries promise investment security for the companies involved, including a guaranteed electricity price. This price is determined by the market. If it falls below a certain level, the government will step in. If the market price is very high, the government will skim off part of the profits.
In exchange, the offshore wind industry and grid operators promise 91,000 extra jobs and 1,000 billion euros in economic activity. The companies also commit to reducing the cost of wind energy by 30 per cent by 2040 (compared to 2025 prices). The cost reduction will partly be achieved through economies of scale.
‘With the consistent expansion and intelligent interconnection of offshore energy, we are creating affordable, clean and safe energy, reducing our strategic dependence and increasing European resilience,’ said German economy and energy minister Katherina Reiche.
Greater energy independence
The North Sea summit follows two similar meetings since 2022. The countries involved had already announced investments in wind energy in response to the energy crisis triggered by Russia's full-scale invasion of Ukraine. NATO and the European Commission are also participating, as is Iceland.
Minister Reiche referred to the attacks on power grids, pipelines and important data cables, which are crucial to the continent's digital sovereignty. ‘And that is why NATO is represented here at a high level for the first time,’ Reiche said.
Prime Minister Bart De Wever (Flemish nationalist N-VA) and North Sea minister Annelies Verlinden (Flemish Christian democrat CD&V) represented Belgium.
‘Europe cannot afford an energy policy that depends on chance. A clear and strong business case for offshore wind is crucial to accelerate investment, reduce prices and strengthen our strategic autonomy,’ Verlinden said last Friday.
‘We want more renewable energy at sea, but under realistic and safe conditions that offer clarity to investors and society.’
How feasible are the plans?
Whether the ambition of 300 gigawatts by 2050 can be achieved is highly questionable, VRT NEWS journalist Nina Verhaeghe says. 'At the second North Sea Summit in Ostend in 2023, the participating countries had also set an interim target: 120 gigawatts by 2030. That target has since been abandoned. Perhaps it seemed unachievable: 2030 is only four years away, while 2050 is much further off in the future.'
'The wind energy sector has been hit hard in recent years, partly due to rising material costs and uncertain delivery times. In our own country, another factor of uncertainty has been added: Federal energy minister Mathieu Bihet (Francophone liberal MR) has cancelled the auction for the first wind farm in the Princess Elisabeth zone of the Belgian North Sea. It is unclear whether that auction will still take place by the end of March 2026 as planned.'