The EU will miss its 2020 wind targets because the welfare state is running out of money.
The European Union will likely miss its 2020 offshore wind targets. The reason is that the technology’s costs are not falling fast enough as some countries struggle to get their budget deficits under control, a Rabobank report says.
The cost of energy produced through offshore wind will fall by 20 to 30 percent by 2020, resulting in 35.5 gigawatts of working capacity being built by then, compared with the European Union’s plan to install 46.4 GW, the Netherlands-based bank said in a report presented at an offshore wind conference in Amsterdam.
Although the industry’s growth is likely to fall short of targets, it still means a ninefold increase from current levels, with a compound annual growth rate of 22.4 percent and total investments of €127 billion, Rabobank said.
The EU may be too big to fail — but wind isn’t.