A record amount of 26 billion euros (around $31,7 billion) has been invested last year (2020) in the European offshore wind sector, according to the latest figures from industry body WindEurope.

Europe is a major player in offshore wind power. The world’s first offshore wind farm, in waters near the Danish island of Lolland, was commissioned in 1991.

The Monday’s announcement said the investments will finance a total of 7.1 gigawatts (GW) of offshore wind capacity, with projects set to be developed and built over the next few years.

Europe’s offshore wind power now stands at a little over 25 GW of capacity, with 42% of this located in U.K. waters. Long term, the EU, which the U.K. left in January 2020, is targeting 300 GW of offshore wind power by the middle of this century. U.K. want their offshore wind capacity to hit 40 GW by the year 2030.

Source: CNBC