Robert McNab, an economist with Old Dominion University in Norfolk, Virginia, cautioned that projects being canceled now may come back - and even expand - once inflation and corresponding interest rates fall. But opponents claim offshore wind is inherently unworkable without massive financial subsidies. The main appeal of offshore wind for supporters, including environmentalists and many state governments, is that it doesn’t burn fossil fuels and thereby drive climate change.
The administration of President Joe Biden said it wants to build 30 gigawatts of offshore wind energy by 2030 - enough to power more than 10 million homes.
