A perfect storm of supply chain delays, design flaws and higher costs in the offshore wind industry has put dozens of projects at risk of not being delivered in time for countries to meet climate goals, industry executives, investors and analysts said.
The race to reduce reliance on fossil fuels is putting pressure on manufacturers and supply chains to keep pace with demand for more clean energy, especially in the European Union which is finalizing a legally binding goal to produce 42.5% of energy from renewables by 2030.
Up from 32% now, the new target would require 420 gigawatts (GW) of wind energy including 103 GW offshore, more than double current capacity of 205 GW of which just 17 GW is offshore, according to industry group WindEurope.
The number of insurance claims from wind developers has fallen in the past year but the amounts a