The European offshore wind industry will need to spend up to €123billion in order to meet its 2020 output targets, a new report to be published next month will warn.
The report, to be launched at next month’s Offshore 2013 event in Germany, warns that the industry will need to find between €90billion and €123billion if it is to hit European targets of generating more than 40GW of energy.
But instability in regulation of the wind industry is derailing the proposed industry target as much as funding concerns, the report – by industry body the European Wind Energy Association – will claim.
The news sounds another blow to renewable energy targets, and comes just weeks after public sector watchdog Audit Scotland warned that wind-generated energy targets for 2020 would not be met by Holyrood.
Earlier this year a report into offshore wind warned that a lack of equity was putting offshore projects in the UK, France, Germany and the Netherlands at risk.
The industry body will call for more stability in offshore wind regulation, and a proper framework from European politicans on renewables targets for beyond 2020 at the event in November.
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