Europe Doubles Investments in Wind Power in 2023 and Charts the Path for a Sustainable Energy Future

In 2023, Europe experienced an unprecedented surge in investments in the wind energy sector, with financial commitments more than doubling those recorded in 2022, reaching a record €48 billion.

This remarkable increase was primarily driven by the expansion of offshore wind projects, which received €30 billion in funding, marking a significant reversal from the previous year.

Stability and Growth: Onshore Wind Investments and New European Energy Policies in 2023

At the same time, investments in onshore wind remained stable compared to previous years, standing at €18 billion, although this figure is considered below what is necessary to meet European climate and energy targets.

2023 saw a more favorable investment environment, thanks to several factors; inflationary pressures eased, electricity markets stabilized, and governments adopted more effective tariff indexation measures, thereby restoring investor confidence despite tighter financing conditions.

The increase in investments also reflects an improvement in government policies, including the adoption of simplified authorization procedures that facilitated a greater availability of projects.

In particular, 2023 saw a significant increase in the approval of new permits for onshore wind farms in Europe, thanks to new EU renewable energy regulations. Countries like Germany and Spain saw a 70% increase in onshore wind authorizations compared to 2022, with Germany approving projects totaling 7.5 GW.

France, Greece, Belgium, and the United Kingdom: New European Wind Policies

France, Greece, Belgium, and the United Kingdom also showed an acceleration in the number of permits issued. Overall, European governments awarded a record volume of 27 GW of wind capacity through auctions in 2023, evenly split between onshore and offshore.

The political framework for wind energy underwent a significant shift in 2023, marked by the adoption of the European Commission's wind energy package in October, which includes 15 concrete actions to boost the sector.

In December, 26 EU member states and 300 companies reinforced this commitment by signing the European Wind Energy Charter, which emphasizes the urgency of supporting the wind industry. These initiatives aim to improve auction design, fully adjust prices to reflect costs, and strengthen prequalification criteria, while providing greater transparency on auction schedules and volumes to facilitate planning in the sector.