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Data: U.S. Department of Energy; Chart: Thomas Oide/Axios

There's enough U.S. offshore wind on the drawing boards to surpass President Biden's goal of 30 gigawatts (30,000 megawatts) of capacity by 2030, but getting there means transforming lots of planning into actual development.

Driving the news: A new Energy Department report takes stock of the emerging U.S. sector. The chart above looks at the project pipeline by state (and officials are also in the early stages of planning for California development).

By the numbers: "In 2020, the U.S. offshore wind energy project development and operational pipeline grew to a potential generating capacity of 35,324 megawatts," the report notes.

Why it matters: Officials see offshore wind among the many tools to help meet the White House goal of 100% carbon-free power by 2035.

  • Deep-pocketed companies including Equinor, Shell and BP, Portugal's EDP and others are involved in various partnerships for U.S. projects.
  • The administration has approved one large-scale project off the Massachusetts coast thus far and is looking to advance others.
  • But as of now, U.S. offshore wind already in operation is around 42 megawatts, a tiny fraction of the 30,000 megawatts national goal.

Catch up fast: On Monday, the Interior Department said it's moving forward with an environmental review of a plan for up to 122 turbines 31 miles east of Montauk, New York proposed by Orsted North America Inc. and Eversource Investment LLC.

The big picture: The fledgling offshore sector is small compared to the country's far vastly larger and more mature onshore wind industry.

  • The Energy Department, in a separate report, said nearly 17 gigawatts of new generating capacity were installed in 2020, a new record that represents 42% of all the new U.S. power capacity added last year.
Data: U.S. Department of Energy; Chart: Thomas Oide/Axios

The U.S., however, is far behind nations where offshore wind is already well established.

  • Over 5.5 gigawatts of offshore wind generating capacity was installed globally last year, the Energy Department report notes.
  • That brought the worldwide total to nearly 33 gigawatts at the end of 2020.
  • The long-term global project pipeline totals around 308 gigawatts of capacity.

Go deeper

Biden directs federal government to become carbon neutral by 2050

President Biden speaking to reporters outside of the White House on Dec. 8.

President Biden signed an executive order Wednesday that requires the federal government achieve multiple goals related to reducing its carbon emissions, including achieving net-zero emissions by 2050.

Why it matters: Meeting the objectives of the order would require a massive investment by the federal government to buy electric vehicles, upgrade buildings and change how it procures electricity.

Hope King, author of Closer
1 hour ago - Economy & Business

Peloton pumps its brakes

Data: FactSet; Chart: Axios Visuals

Peloton’s popularity is falling as swiftly as it shot up.

Why it matters: Not all pandemic habits stick around. Peloton's trajectory over the past two years exemplifies how challenging it's been for companies to gauge shifts in consumer demand — particularly in sectors heavily altered by the pandemic.

First look: Senators propose bill to ban corporate PACs

Sens. Jon Ossoff and Mark Kelly. Photos: Chip Somodevilla (left), Courtney Pedroza/Getty Images

Sens. Mark Kelly (D-Ariz.) and Jon Ossoff (D-Ga.) will soon propose a bill prohibiting for-profit corporations from establishing and managing political action committees, according to a copy of the legislation obtained by Axios.

Why it matters: The introduction of "The Ban Corporate PACs Act" comes amid heightened scrutiny on Capitol Hill regarding money in politics, including efforts to bar companies from influencing political campaigns and federal elections. It would likely face a court challenge and First Amendment concerns.