Biden’s 2030 Offshore Wind Goal Likely Unmet, US Industry Analysis Suggests

The is expected to fall short of President Joe Biden's 2030 wind target of 30 gigawatts (GW), with only approximately 14 GW of capacity projected by the (ACP), according to an industry analysis released on Tuesday.

Offshore wind plays a crucial role in Biden's agenda, aimed at boosting job creation and stimulating economic growth through initiatives.

However, challenges such as rising materials costs, elevated interest rates, and disruptions in the supply chain have prompted several offshore wind developers to cancel or renegotiate power contracts for planned projects in the past year. These obstacles have raised concerns about meeting the administration's ambitious timeline.

As of June 30, the US has installed just 174 megawatts (MW) of offshore wind capacity, a significant increase from 42 MW a year earlier, as reported by the ACP. The industry currently has over 12 GW in advanced development or under construction, indicating ongoing progress despite setbacks.

According to the ACP's offshore wind market report, the US is expected to achieve the 30 GW target by 2033 and nearly 40 GW by 2035, suggesting a rapid catch-up in subsequent years.

The industry anticipates investing $65 billion in projects by 2030, which could generate approximately 56,000 jobs, underscoring the sector's potential economic impact and growth trajectory.

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SourceReuters

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