The Biden-Harris Administration has announced several new initiatives to boost floating offshore wind projects in the US, as part of the economic and clean energy agenda.

The new initiatives target the deployment of 15GW of new floating offshore wind projects to power five million homes and lower 70% costs by 2035.

In addition, the initiatives are anticipated to create jobs, help reduce energy costs, and strengthen US energy security.

The new goals build on the administration’s target of developing 30GW of offshore wind by 2030, to power 10 million homes and create 77,000 jobs, announced last year.

Through the Energy Earth shot programme, the administration will create the Floating Offshore Wind Shot initiative to support the advancements in engineering, manufacturing, and other areas.

Under the Floating Offshore Wind Shot initiative, the administration aims to reduce the costs of floating technologies by more than 70% by 2035.

It will be led by the Departments of Energy (DOE), Interior (DOI), Commerce, and Transportation.

The Bureau of Ocean Energy Management (BOEM) will advance lease areas in deep waters to deploy 15GW of floating offshore wind capacity by 2035.

In addition, the US Department of Energy (DOE) and the National Science Foundation will support the Floating Offshore Wind Shot through joint research and workforce development.

DOE has announced nearly $50m in research, development, and demonstration funding, $6.85m for optimising floating platform technologies and $3m to develop modelling tools.

In addition, DOE announced $31m funding through phase two ATLANTIS programme.

The White House stated: “These new goals, initiatives, and investments focus on floating technologies and build on the Administration’s all-of-government approach to developing offshore wind while advancing environmental justice, protecting biodiversity, and promoting ocean co-use.

“Through the Inflation Reduction Act, President Biden secured clean energy tax credits that will further accelerate this new American industry and a thriving domestic supply chain, with support for Made in America wind turbine blades, fixed-bottom and floating platforms, installation vessels, and more.”