Reaching the Paris Agreement’s goals of limiting the world temperature to 1.5°C and achieving net zero emissions by 2050 will require a deep transformation of our energy systems. In the European Union alone, to reach the goal of at least 42,5% share of renewables in the overall energy consumption by 20302, over 30GW of wind energy capacity should be added annually3. Ambitious estimations foresee that wind energy can provide between 54-58% of electricity production by 20504.
However, adding this capacity has already been challenging considering supply chain disruptions, increased costs and competition with non-EU markets. Higher costs led to cancellation of auctioned projects, such as Vattenfall’s Norfork Boreas 1.4-GW offshore wind project in the UK due to risen costs to 40%5.
