The Biden administration on Wednesday stated it’s dedicated to supporting the nascent U.S. offshore wind business regardless of challenges that prompted the cancellation this week of two major planned projects off the coast of New Jersey.
The White House and Interior Department each issued statements backing the sector shortly after Denmark’s Orsted stated hovering value inflation, excessive rates of interest and provide chain bottlenecks had pressured it to cease growth on the tasks. Expansion of offshore wind is a key pillar of President Joe Biden’s plan to decarbonize the U.S. energy grid and fight local weather change.
“While macroeconomic headwinds are creating challenges for some projects, momentum remains on the side of an expanding U.S. offshore wind industry,” White House spokesperson Michael Kikukawa stated in a press release, including that offshore wind investments have grown by $7.7 billion since passage of Biden’s signature local weather change legislation final 12 months.
The Interior Department’s Bureau of Ocean Energy Management (BOEM), which oversees allowing of offshore vitality growth, stated it was working to attain the president’s objectives for the sector, which embody deploying 30 gigawatts of offshore wind by 2030.
“While the industry is facing a variety of challenges, BOEM and its federal partners remain committed to supporting the build out of this new industry in a way that will benefit communities, strengthen our nation’s energy security, and address the climate challenge,” BOEM Director Liz Klein stated in a press release.
(Reuters – Reporting by Nichola Groom; modifying by Jonathan Oatis)
