From Investing.com: 2024-11-18 02:21:16

The global offshore wind industry is facing setbacks in meeting ambitious targets set by governments worldwide due to soaring costs, project delays, and limited supply chain investment. Offshore wind farms now cost $230 per MWh, up 30-40% in the past 2 years. Companies like BP and Equinor are retreating, impacting the industry’s future growth.

The U.S. set a target of 30 GW of offshore wind by 2030 but only had 200 MW operating as of May. President-elect Donald Trump’s potential actions may threaten progress. European countries like the UK, Germany, and the Netherlands are also falling short of their offshore wind targets. China, however, leads in offshore wind installations.

China leads in offshore wind installations due to subsidies, low financing costs, and state-owned companies with access to locally-made components. China accounted for over half of 2023 offshore wind installations. Other Asian countries like Japan, South Korea, and Taiwan are facing challenges in expanding offshore wind due to high costs and regulatory barriers. Meeting targets is possible with the right policies.



Read more at Investing.com: Global offshore wind industry poised to miss big targets as obstacles mount By Reuters