US offshore wind sector will miss Biden's 2030 target

Significance

Although the Inflation Reduction Act (IRA) is already channelling new funds into renewable energy, the US offshore wind sector faces financial challenges that will make Biden’s original target of 30 gigawatts by 2030 unachievable.

Impacts

• Supply chain investment and job creation, which is a central aspect of Biden’s green agenda, will be more modest than expected.
• The use of natural gas, particularly in power generation on the eastern seaboard, will be extended.
• Onshore renewable energy capacities will need to expand at a quicker pace to meet US climate targets.