Accelerating permitting approval processes are critical for the US to reach its goal of developing 30 gigawatts (GW) of offshore wind (OSW) capacity by 2030, which would power about 21 million homes. Concurrently, Europe is developing its own offshore wind capacity in an attempt to both decarbonize and improve its energy security in light of Moscow’s invasion of Ukraine. Permitting issues are not the only challenge in OSW, however, as cost inflation has impeded project development in Europe and North America. Indeed, investment in new onshore and offshore wind farms in Europe fell by more than 50 percent in 2022, as the cost of producing a new turbine in Europe rose by 40 percent. This trend was also witnessed in the United States, as domestic onshore wind capacity installations fell by nearly 37 percent, according to the EIA. Join us as we discuss these critical developments in offshore wind, and the path forward.

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