On November 18, according to the Financial Association (Editor: Ma Lan), global offshore wind power projects are facing setbacks. Rising costs, project delays, and insufficient supply chain investment are hindering the installation of most wind power facilities.

Soren Lassen, the offshore wind research director at Wood Mackenzie, stated that currently, the global average cost of offshore wind farms is $230 per megawatt-hour, an increase of 30%-40% over the past two years, which is more than three times the average cost of $75 per megawatt-hour for onshore wind farms.

This is a significant reason for many companies to retreat. Last year, global governments ambitiously agreed to double the total consumption of renewable energy by 2030, as estimated by the International Renewable Energy Agency, which requires offshore wind installed capacity to increase from the current 73 gigawatts to 494 gigawatts.

The International Renewable Energy Agency now points out that the offshore wind installed capacity is expected to fall one third short of the target. Other research institutions estimate that it may not be until at least 2035 that offshore wind capacity could surpass 500 gigawatts.

Among them, the failure of the usa may be the most regrettable. According to data from the National Renewable Energy Laboratory, the usa set a goal of achieving 30 gigawatts of offshore wind by 2030, but as of May this year, its operational offshore wind capacity was still less than 200 megawatts.

The Trump effect.

Michael Mueller, the CFO of German offshore project developer RWE, stated during this month's earnings call that due to the outcome of the usa election, the company believes the risk of implementing offshore wind projects in the usa is higher than ever before.

The energy research company Rystad expects that the completion rate of the usa's 2030 emission reduction targets will be less than half. This result is largely because the successor president Trump is a climate change skeptic, who is likely to undermine the development of renewable energy by stopping the leasing auctions for wind farm sites.

Trump claimed during his campaign in May that he would ensure an executive order to end renewable energy on his first day in office. He stated that offshore wind farms harm the environment, kill birds and whales, and destroy everything.

However, some believe that offshore wind energy is unlikely to be completely terminated, but Trump is likely to cancel the tax credits for it, which will cause financing difficulties for many offshore wind projects in the usa.

But some also point out that considering the current market situation, whoever takes over the White House will not actually help the usa achieve its emission reduction targets.

Since the beginning of this year, bp plc, equinor, and one of the industry's largest turbine suppliers, GE Vernova, have abandoned some offshore wind projects, indicating that the decarbonization goals of the nengyuanhangye have inevitably encountered a gap.

Rebecca Williams, deputy CEO of the Global Wind Energy Council trade group, acknowledged the risk that the wind power industry may fail to achieve its targets, but once targets are set, there is always a chance of them not being met; the industry can still achieve its goals as long as the right policies are implemented.