Japan and US Team Up to Drive Down Costs of Floating Offshore Wind

Japan and the United States have formed a partnership aimed at significantly reducing the cost of floating offshore wind projects. This collaboration seeks to accelerate advancements in engineering, manufacturing, and installation for this promising clean energy technology.

Japan has pledged 120 billion yen (approximately $784 million) from its Green Innovation Fund to support the development of floating wind technology. This move aligns with the United States’ ambition to install 15 gigawatts of floating offshore wind capacity by 2035, powering millions of homes.

The partnership’s main target is to bring down the cost of floating offshore wind installations by over 70% to reach $45 per megawatt-hour within the next decade. Currently, floating wind power installations are significantly more expensive than traditional, bottom-fixed structures.

While floating offshore wind is still relatively new to Japan, the country is committed to developing this technology. Last month, Japanese energy leaders like Mitsubishi Corp, Tokyo Gas, and JERA have already begun joint efforts to develop floating offshore wind projects.

This collaboration between the US and Japan marks a major step in accelerating the development of floating offshore wind, a key technology for both countries to achieve their climate goals and transition to clean energy.