Rasmus Errboe, president and chief executive officer of Ørsted, said the Hamburg Declaration represents a major step for Europe’s energy system.
“The Joint Investment Pact is a giant leap towards powering Europe with renewable, reliable, and cost-competitive electricity,” said Errboe (pictured), speaking about the pact which commits North Sea countries to 100GW of offshore wind.
“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,” he added.
Errboe said Europe is Ørsted’s core market, with about 90% of its operating capacity based in the region.
“With more investment predictability, a de-risked investment framework, and a coordinated build-out plan of up to 15GW per year in Europe, the offshore wind industry is committed to bringing down the cost of electricity from offshore wind by 30% towards 2040,” he stated.
Ørsted said the pact will help boost European energy security, competitiveness and decarbonisation.
The company added that securing 300GW of offshore wind in the North Sea could help save around €70 billion on fossil fuel imports and cut European carbon emissions by 15%.