Page 27: of Marine News Magazine (September 2020)

Offshore Annual

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OFFSHORE WIND to anticipated auctions by the Bureau of Ocean Energy jointly funded analysis, “Total investment in the U.S. off-

Management (BOEM). shore wind industry will be $17 billion by 2025, $108 bil-

Very traditional maritime businesses will of course ben- lion by 2030 and $166 billion by 2035. From 2022 to e? t from offshore wind activity, but the subsequent opera- 2035, capital investment of $42 billion will go to turbine tion will bene? t other entities, notably on the manufactur- manufacturers and the supply chain, $107 billion will go ing and construction sides of the business. Joe Martens, to the construction industry, and $8 billion will go to the

Director, New York Offshore Wind Alliance (one of the transportation industry and ports. Annual capital invest- sponsors of the latest Woodmac study), said, “This study ment for O&M activities will increase to $2.4 billion in documents the enormous near- and mid-term economic 2035.” The study looked at the New York Bight, coastal bene? ts that offshore wind energy can provide: more than Maine, coastal Carolina, and coastal California.

$1 billion in revenue to the federal treasury, tens of thou- The involvement of gov- sands of jobs and billions in investments in ports, vessels ernmental policy and other infrastructure, at a time when the nation needs and economic it the most. It’s time for the federal government to act with the same urgency as the states.”

According to another study sponsor, the American