WindEurope's 450 GW vision for offshore wind by 2050: 380 GW in the North Seas and 70 GW in Southern European waters.
380 GW of offshore wind in the North Seas would require less than 3% of the total area of the North Seas.
Europe could install 248 GW of offshore wind in the North Seas at less than €50/MWh in 2050. However if current spatial planning exclusions continue to 2050 as they are today, it could only reach 112 GW at that cost range.
The cheapest and most space-efficient way to build 450 GW is through the multiple-use of the same maritime space by different sectors.
To build 450 GW of offshore wind by 2050, annual installation rates need to increase from today's 3 GW per year to over 20 GW per year in 2030.
Investments in offshore grids would need to ramp up from less than €2bn in 2020 to up €8bn per year by 2030.
Europe should step up onshore grid investments to between €10 bn to €50 bn per year by 2030