04 February 2026
The Hamburg Declaration:
The pledge to revolutionise clean energy in North Sea Territories
On Monday 26 January 2026, Energy ministers from nine North Sea countries including the UK signed the Hamburg Declaration, marking a significant milestone in the UK’s Clean Power by 2030 Action Plan. The agreement creates a shared energy security partnership between nine European nations, which have collectively committed to expanding North Sea renewable generation to 100 GW by 2050, with an initial 20 GW targeted for the 2030s.
The pledge is designed to strengthen cross-border cooperation on offshore wind development. Participating countries aim to utilise the North Sea’s renewable potential through a new generation of joint projects. The UK, Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, and Norway are all included, and industry is now expected to follow the political commitment with proposals for new major developments.
Expanding links between the countries using interconnectors (underwater cables) will allow clean power to move more freely between them, improving reliability and ensuring supply can be directed to areas of highest demand. In doing so, Europe hopes to reduce its exposure to unpredictable fossil fuel imports and the geopolitical risks associated with dependence on producer states.
The UK has already demonstrated recent progress regarding offshore wind expansion. On January 14, 2026, the UK government’s seventh Contracts for Difference (AR7) auction secured 8.4 GW of new offshore wind capacity. This was the largest offshore wind auction in Europe to date.
In addition, the UK and Germany are anticipated to deepen collaboration on offshore hybrid assets (OHAs). OHAs are new subsea technology which would allow offshore wind farms and interconnectors to work together, as opposed to operating separately as they do now. This type of infrastructure is expected to improve efficiency, strengthen grid resilience and create opportunities for UK engineering and technology firms to export expertise.
The commitments made by energy ministers form the foundation of the offshore wind investment pact signed today. This agreement is designed to unlock substantial investment across the North Sea, lower the cost of offshore wind development, and enable the installation of 15 GW of offshore wind capacity annually between 2031 and 2040. As part of the pact, governments pledged to strengthen support mechanisms for offshore wind through Contracts for Difference (CfDs) and to address regulatory barriers that currently limit the use of power purchase agreements (PPAs).
Through the declaration, ministers also agreed to deepen collaboration on offshore renewable hydrogen, with a focus on expanding joint research, development, and demonstration activities related to hydrogen production. In addition, they committed to promoting hydrogen demand in sectors where emissions are particularly difficult to reduce.
The declaration further includes commitments to streamline permitting processes, enhance the security of offshore energy infrastructure, and provide greater support for the supply chain and workforce. To speed up project approvals, the nine participating countries will examine opportunities for coordinated planning and permitting, including closer cooperation on environmental impact assessments.
The Hamburg Declaration states that: ‘In light of rising threats to offshore energy infrastructure, we welcome and support… North Atlantic Treaty Organisation (NATO) as appropriate to enhance its defence, overall security, and resilience’ (The Hamburg Declaration).
Finally, the declaration sets out plans to establish an Offshore Financing Framework aimed at facilitating cross-border projects, improving access to investment capital, and ensuring a balanced distribution of costs and benefits among participating countries. Ensuring the protection of these new developments will be critical. The Hamburg Declaration states that: ‘In light of rising threats to offshore energy infrastructure, we welcome and support… North Atlantic Treaty Organisation (NATO) as appropriate to enhance its defence, overall security, and resilience’ (The Hamburg Declaration). With offshore wind projects, it will be essential to strengthen security, amid rising concerns over the risk of sabotage and unsafe maritime activity.
Beyond these geopolitical risks, the usual project-related risks remain. Gallagher Specialty provides expert risk and insurance guidance to all stakeholders involved in the project, including the development teams and every component of the delivery supply chain. Amongst others, we have specialist teams operating to advise both onshore and offshore renewable construction as well as interconnector and hydrogen projects. The insurance of many of these elements require the engagement of very different insurance companies and marketplaces. Within Gallagher our teams are closely aligned to make sure that our clients receive a combined and coordinated solution which meets their requirements and provides the optimal advice and risk transfer solutions.
As renewable technologies evolve rapidly, insurers can find it challenging to keep pace with changing risk profiles. This can limit market capacity and reduce the number of carriers willing to underwrite projects. Engaging specialist insurance expertise early in the development process is therefore critical, helping our clients manage risk effectively, secure appropriate coverage and improve overall project bankability.
The Gallagher Speciality Energy, Power and Renewables team operates globally across both wholesale and retail markets, bringing construction and operational insurance solutions for both contractor and owner-controlled programmes. Its work spans a diverse mix of sectors, including energy, mining, power generation, offshore and onshore wind generation and transmission, Battery Energy Storage Systems, solar, tidal, cables and interconnectors.
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