The European Commission (EC) has released its strategy to boost progress towards achieving the European Union’s climate neutrality target by 2050. As per the proposal, the commission plans to increase Europe’s offshore wind capacity from its current level of 12 GW to at least 60 GW by 2030 and 300 GW by 2050. Further, the EC aims to complement this capacity with 40 GW of ocean energy capacity, floating wind, and floating solar by 2050. The EC will propose a framework under the revised TEN-E Regulation for offshore grid planning in the long run, in consultation with member states in each sea basin.  Additionally, coastal member states will be encouraged to integrate offshore renewable energy development in the National Maritime Spatial Plans which are to be submitted to the commission by March 2021. 

The EC has estimated that an investment of $950 billion will be needed to meet its proposed targets by 2050. To procure this investment, the commission has sought to provide a clear and supportive legal framework and help in the mobilisation of funds for the sector’s development and ensure a stronger supply chain. It will also monitor the environmental, social, and economic impacts of offshore renewable energy by regularly consulting with public authorities, stakeholders, and scientists. 

In September 2020, the EC announced that it would launch a $1.16 billion call under European Green Deal for research and innovation projects to combat the climate crisis. In the same month, the European Investment Bank announced a $3.55 billion fund for renewable energy projects in Europe and across the globe.