CROWLEY Insights : Paving the Way for U.S. Offshore Wind Energy
The Inflation Reduction Act has introduced crucial tax incentives, finally spurring the development of offshore wind farms capable of generating cost-effective and eco-friendly power. However, achieving the ambitious goal of producing 30 gigawatts of offshore wind electricity by 2030 demands an extensive infrastructure expansion. Substantial investments must be made in various sectors, including the domestic maritime industry, port terminals, energy transmission, and manufacturing, to ensure that these billion-dollar projects can deliver maximal economic benefits to the United States. It’s worth noting that the United States has lagged behind in harnessing offshore wind energy, with minuscule capacity compared to Denmark, which boasts 55 times the offshore wind capacity. Nonetheless, offshore wind offers a significant advantage over land-based wind power.
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