# Norway to ramp up offshore wind in drive to go green
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-05-11
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Norway to Double Offshore Wind Energy by 2040
Meta Description: Discover Norway's ambitious goal to develop 30GW of offshore wind energy by 2040, transforming from oil exporter to renewable electricity leader.
URL: https://financedigest.com/norway-to-ramp-up-offshore-wind-in-drive-to-go-greenhtml

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By Nora Buli

OSLO (Reuters) – Norway unveiled plans on Wednesday for a major expansion in offshore wind energy by 2040, aiming to turn a country that has built its wealth on oil and gas into an exporter of renewable electricity.

The centre-left government, which has come under fire from environmentalists for continuing to support the oil and gas industry, set a target to develop 30 gigawatts (GW) of offshore wind capacity by 2040.

This would nearly [double our power output,” Prime Minister](https://www.financedigest.com/permitted-share-of-chinas-yuan-in-russian-wealth-fund-doubled-to-60-finance-minister.html "Permitted share of China’s yuan in Russian wealth fund doubled to 60% -Finance Minister") Jonas Gahr Stoere told a news conference.

Norway, which [says the world](https://www.financedigest.com/exclusive-qatarenergy-boss-says-world-cup-tension-will-not-impact-german-business.html "Exclusive-QatarEnergy boss says World Cup tension will not impact German business") still needs its oil in gas during the transition to a cleaner energy future, believes developing offshore wind will allow it to build on the know-how of its existing energy industry.

A wide range of utilities, oil and gas [firms and engineering companies have lined up to develop](https://www.financedigest.com/crypto-firms-will-develop-offshore-without-clear-us-rules-coinbase-chief-says.html "Crypto firms will develop ‘offshore’ without clear US rules, Coinbase chief says") offshore power projects in Norway, including Equinor, Shell, BP, Orsted and Eni.

Norway needs more power for domestic consumption, but the new [plan far exceeds the expected demand from households and industry](https://www.financedigest.com/eu-announces-plans-to-lead-green-industrial-revolution.html "EU announces plans to lead green industrial revolution").

“A significant portion of the electricity will be exported to other countries,” the government said in a statement.

To date, Norway has opened two [North Sea areas for development of up to 4.5 GW of bottom-fixed and floating offshore](https://www.financedigest.com/offshore-crews-to-strike-on-bps-north-sea-installations-says-unite.html "Offshore crews to strike on BP’s North Sea installations, says Unite") wind, with a first tender for 1.5 GW expected later this year.

Licensing rounds for new acreage will be held at regular intervals from 2025 onwards, the government said.

Grid connections would be considered on a case by case basis and could feature hybrid cables, which connect to [several markets](https://www.financedigest.com/the-epidermal-care-devices-market-to-sever-ties-with-mediocrity.html "The Epidermal Care Devices Market to sever ties with mediocrity") at the same time, or direct cables to single destinations, so-called radial cables, to Europe and Norway.

Industry executives, labour unions and some opposition parties had also called for a longer-term target to help provide predictability for supply chain [investments in Norway](https://www.financedigest.com/norway-wealth-fund-to-consider-investing-in-unlisted-equities.html "Norway wealth fund to consider investing in unlisted equities").

The domestic [energy industry](https://www.financedigest.com/britain-considers-energy-bill-subsidy-for-industrial-firms.html "Britain considers energy bill subsidy for industrial firms"), which had criticised the government for moving too slowly, welcomed the government’s ambition.

This will lay the foundation for [industrial ocean wind development,” the Norwegian Oil](https://www.financedigest.com/bev-automotive-oil-filter-market-recent-industry-developments-and-growth-strategies-adopted-by-players.html "BEV Automotive Oil Filter Market: Recent Industry Developments and Growth Strategies Adopted by Players") and Gas Association said in a statement.

(Reporting by Nora Buli; Editing by Terje Solsvik and Mark Potter)


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