Floating offshore wind (FOW) is a fast-maturing technology with the potential to cement Europe's leadership in renewables globally. European companies are the pioneers as they lead three quarters of the 50+ FOW projects at different stages of development worldwide today. Floating offshore wind can extend the frontiers of innovation in renewable energy technologies, however dedicated policies are needed to make it a European success story. Europe should capitalise its first mover advantage. FOW needs urgent action from the EU and Member States to maximise the local economic benefits of a nascent supply chain. These should ensure that cost reduction continues through economies of scale, low financing costs and Research & Innovation (R&I) funding. This paper sets the policy blueprint needed for FOW in Europe to 2030. It draws from the Industry Vision Statement published in 2017 and the rapid developments in technology and policies worldwide that have occurred since. It describes why FOW needs action from policymakers and projects cost reduction pathways, measured as the levelised cost of energy (LCOE). And it sets out the vast potential and economic opportunities at stake for Europe by developing this industry.
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