Global offshore wind plans hit rough waters as costs triple and projects sink

The offshore wind sector hits hard times as project costs reach sky-high levels (about three times more than land-based alternatives). BP and other big-name companies step back from their wind-power plans‚ while equipment maker GE Vernova stops taking new orders

Global targets look way off track: experts say the world needs 494GW of wind power by 2030‚ but weʼre stuck at just 73GW now. Francesco La Camera from IRENA thinks weʼll miss the mark by 33% - and other research groups dont see us hitting those numbers until somewhere after 2035

The US market faces extra trouble: with less than 200MW running (versus a 30GW goal)‚ things look shaky. Michael Mueller from RWE points to new political risks: “The next presidents plans could slow down project timing in the US.“ Industry pros think America might reach just half its target

European countries struggle too; the UK‚ Germany and Netherlands might hit only 60-70% of their goals. The EU expects about 54GW by decades end - thats just half of what North Sea countries wanted. Meanwhile Damien Zachlod from EnBW says Britainʼs 60GW target looks out-of-reach despite recent auctions

China stands out as the success story in this wind-powered tale. They installed 6.3GW last year (more than half of global additions) and experts think theyll keep adding 11-16GW yearly. Their state-backed system with cheap parts helps‚ while other countries try to avoid Chinese equipment

Japan‚ South Korea and other Asian nations hit roadblocks too - between strict rules and high costs‚ their ambitious plans face strong headwinds. Japan wants 45GW by 2040 but has barely reached 1GW; local laws blocking foreign ships dont help either