Governments have decided to
pay up to revive offshore wind farm developments after rising
costs put at risk multiple projects that are needed to help them
cut emissions and reach climate targets. .
Many countries are relying on a huge and rapid build-out of offshore wind farms which have high upfront costs but over the longer term can provide cheaper energy than fossil fuel plants.
President Joe Biden’s ambitious goal of developing 30 gigawatts of offshore wind by 2030 is under threat due to soaring costs, supply chain setbacks, and regulatory hurdles that have stymied developers and forced some to abandon contracts.