Germany, Denmark, and Belgium just announced a landmark agreement to boost their offshore wind power capacity five fold within the next decade. This means that by the year 2027, the countries will increase energy generated via wind from 13.8 gigawatts to more than 60 gigawatts. Because the prices for offshore wind continue to decline (in 2016 alone, there was a 22 percent decrease), the move is being hailed as an economic and environmental win.

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To accomplish the task, the governments of all three nations have pledged to work with more than 25 private companies, such as Dong Energy. As The Independent reports, Germany has already proven the viability wind power. In April, bids for offshore wind in Germany fell below the cost of conventional power for the first time — and without the benefit of government subsidies.

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Related: World’s largest offshore wind farm opens in The Netherlands

The agreement, signed on Tuesday in London, builds on a partnership between 10 northern European countries to collaborate on cutting the cost of installing offshore wind turbines. The seven countries absent from the signing will be asked to support the new statement. Some delays are expected as several nations need to wait until after their general elections are held — such as the UK.

“With this joint statement, leading businesses and governments are taking the next step by committing to cooperate on the deployment of big volumes for offshore wind energy,” said Giles Dickson, chief executive officer at WindEurope. “Today’s statement is a clear recognition of the strategic importance of offshore wind as a clean, competitive and reliable energy source for Europe.”

Via The Independent

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