illuminem summarizes for you the essential news of the day. Read the full piece on MIT Technology Review or enjoy below:

🗞️ Driving the news: Offshore wind power faces significant challenges with project delays and cancellations due to rising costs and supply chain issues
• Despite this, the industry continues to see new developments and technological advancements, raising questions about its future trajectory

🔭 The context: Factors like rising interest rates, high inflation, and supply chain bottlenecks have impacted major projects
• Although global economic challenges have affected the industry, China has emerged as a leader in offshore wind capacity

🌍 Why it matters for the planet: Offshore wind is a critical component in reducing greenhouse gas emissions and transitioning to cleaner energy sources, especially given the high coastal population density globally

⏭️ What's next: Although more delays and challenges are expected, signs of progress are apparent, particularly in the US

💬 One quote: "The supply chain in the US for offshore wind is basically in its infancy. It doesn’t really exist," (Chelsea Jean-Michel, a wind analyst at BloombergNEF)

📈 One stat: The average output of offshore wind turbines has increased from around 4 MW a decade ago to nearly 8 MW in 2022, with new models now in the 15 MW range

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