Taoiseach Leo Varadkar champions the potential for offshore energy investment, stating that this form of energy production will eventually “pay for itself”. He expressed this sentiment while attending a summit for offshore wind energy in Ostend, Belgium. Despite the considerable cost of public and private investment, Varadkar believes that offshore energy will ultimately lead to profits, especially as households and businesses are willing to pay for electricity. He expects the initial capital costs to be covered for the first few years, but it will eventually become a “profit making” enterprise, especially with the potential for exporting energy. The Irish leader also recognized the economic potential of offshore energy, a viewpoint echoed by Transport Minister Eamon Ryan. The power generated by offshore wind electricity will bring lower bills to households while generating some of the cheapest power supply and the most secure and cleanest source in the world. With representatives from 120 companies and the leaders of Belgium, Denmark, France, Germany, Luxembourg, Netherlands, and Norway in attendance, the summit in Ostend aims to expedite the development of offshore wind energy in the North Sea, Atlantic Ocean, and surrounding areas. The Ostend Declaration will outline the steps necessary to achieve this goal.
