The Joint Offshore Wind Investment Pact for the North Seas marks a giant leap towards powering Europe with renewable, reliable, and cost-competitive electricity. By ensuring investment predictability, a de-risked framework, and a coordinated build-out of up to 15 GW per year, Ørsted and the offshore wind industry are committed to reducing electricity costs from offshore wind by 30% by 2040.
At the North Sea Summit 2026 in Hamburg, the governments of Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway, and the United Kingdom—together with the wind industry and transmission system operators (TSOs)—signed the pact to transform the North Sea into Europe’s green power plant. It reaffirms the target of 300 GW offshore wind capacity by 2050 and ensures a more balanced build-out between 2031 and 2040, charting a path of up to 15 GW installed annually across Europe.
At the same time, the governments will work towards a sound investment framework for offshore renewables through mechanisms such as national and cross-border two-sided contracts for difference (CfDs) and power purchase agreements (PPAs).
Rasmus Errboe, President and Chief Executive Officer at Ørsted, says: “The Joint Investment Pact is a giant leap towards powering Europe with renewable, reliable, and cost-competitive electricity. The Pact shows the leadership taken by the countries in realising the offshore potential of the North Sea, and Ørsted is ready to answer to the call by investing in the build-out.”
Rasmus Errboe continues: “Europe is our core market – with 35 years of experience and about 90 % of our operating capacity based here, our offshore wind portfolio already produces enough electricity to power around 22 million Europeans, and we’re ready to add to this number. With more investment predictability, a de-risked investment framework, and a coordinated build-out plan of up to 15 GW per year in Europe, the offshore wind industry is committed to bringing down the cost of electricity from offshore wind by 30 % towards 2040.”
By turning targets into turbines, the pact will boost European energy security, competitiveness, and decarbonisation
Today, 58 % of EU’s energy is imported. With the pact to help secure 300 GW of offshore wind in the North Sea, the offshore wind industry – which already employs around 100,000 people across Europe – is set to help save Europe around EUR 70 billion on fossil fuel imports, cut electricity prices, and reduce European carbon emissions by 15 %.
In addition, expanding production from offshore wind will significantly improve European energy security and independence.
The pact agreed today reflects the recommendations presented by the offshore wind industry in April 2025 in the proposal for ’A New Offshore Wind Deal for Europe‘, and the recommendations in Ørsted’s report: Offshore wind at a crossroads, which emphasises the need for collective commitments from both governments and industry. Today’s joint pact delivers on this by addressing build-out volumes, risk-sharing, and cost reductions, contributing to deliver offshore wind at whole new scale.
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