EU Starts $940 Billion Offshore Wind Push to Meet Green Goal

The European Union wants a massive increase in offshore wind to help clean up the electricity industry and aid the recovery after the pandemic.

To meet its mid-century goal of becoming the world’s first climate-neutral continent, the region needs to boost offshore wind capacity to 300 gigawatts by 2050 from just 12 gigawatts now, according to an EU roadmap published on Thursday. That will require as much as 789 billion euros ($940 billion) in investment, mostly from utilities and energy majors.

The strategy proposed by the European Commission details how to unlock the potential for wind farms at sea that’s ...