Netherlands lowers offshore wind goal

The Netherlands slashed its offshore wind power generation goal by up to 40%, marking the latest setback for the sector.

Offshore wind costs have grown in recent years; the Dutch climate minister called the previous target of 50 gigawatts by 2040 “not realistic.” The pivot reflects how the industry, while on the verge of a rebound, is vulnerable to supply chain constraints and price changes.

The outlook in the US is especially bleak for offshore wind: Republicans’ tax-and-spending bill passed this month curtailed tax credits for the projects, leaving no room for them to be affordable. “It could be years before new offshore wind projects materialize in the US,” Semafor’s climate editor wrote this week.