South America's Anticipated Offshore Wind Boom

Foreign energy companies are taking initial steps to develop a large number of offshore wind farms along the coasts of Brazil and Colombia. As governments seek to reduce their carbon emissions to meet climate goals and obligations, they are increasingly turning to new sources of energy. Offshore wind is a technology that historically has mostly been utilized by countries on the North Sea and in China, but others are now entering the space, with the U.S. due to complete its first large-scale offshore wind installation next year. The Biden administration pledged in September to develop 30 gigawatts of offshore wind power by 2030, which is enough to power 10 million homes. Until now, South American nations have shied away from large scale offshore wind developments, but this looks set to change. Brazil's government estimates there is potential for up to 700 gigawatts of offshore wind power along its 7,400 km Atlantic coastline. As of December 2022, over 70 applications ha