A record year for structure new wind farms and a rebound in financial investments in the sector have raised hopes that the EU might accomplish its tidy energy targets, industry group WindEurope stated on Wednesday.

In a yearly report, WindEurope described 2023 as a year of significant enhancements in crucial locations of Europe's wind energy sector, which had a hard time in 2022 with soaring inflation, interest rates and unpredictable energy markets after Russia invaded Ukraine.

Investments in European offshore wind last year leapt to 30 billion euros, up from the little 0.4 billion euros that were invested in 2022. EU countries likewise set up a record-high 16.2 gigawatts of brand-new wind energy capacity last year, around 80% of which was onshore wind farms, the group stated.

The lobby group said EU policies to speed up job licenses has actually encouraged the sector, in addition to the bloc's propositions to assist wind projects gain access to funding and index costs in federal government renewable resource auctions.

Germany and Spain each permitted 70% more onshore wind in 2023, compared with the year before.

Europe's wind firms have actually faced a bleak period of supply chain obstacles, inflation and devices problems - although Danish turbine maker Vestas (VWS.CO) returned to benefit in the fourth quarter of 2023.

WindEurope said it now expects Europe to install an average of 29GW each year from 2024 to 2023, reaching a total 393GW of wind energy capability in 2030 - pulling close to the 425GW needed to comply with the EU's 2030 renewable resource targets.

This puts us within striking distance of actually delivering the 2030 wind targets, which are incredibly enthusiastic, the group's Chief Policy Officer Pierre Tardieu said.

The EU alerted in 2015 countries' own energy strategies indicate they are not on track for the bloc's total 2030 target to get 42.5% of its energy from renewables, including other sources like solar and biomass energy

WindEurope stated the most significant threat to Europe's wind energy. expansion is now sluggish investments in updating power grids to deal with the fast-growing share of renewable energy.