In the context of accelerating the realization of carbon neutrality, the development of offshore wind power is accelerating. The power generation arm of British Energy company Octopus Energy said it plans to invest $20 billion worth of offshore wind projects worldwide by 2030.

Octopus Energy said it plans to unleash $20 billion in offshore wind investment to generate 12GW of renewable electricity a year, enough to power 10 million homes. Octopus Energy is targeting global projects, with a focus on Europe, and already has several deals in the pipeline. The company plans to support developers of new offshore wind farms as well as those already under construction or in operation. Octopus Energy also supports Simply Blue, a company developing floating offshore wind projects.

Octopus Energy CEO Zoisa North Bond said in a statement: "We have big plans to invest in more of these big fans to help us move away from polluting gas. There is no doubt that offshore wind will continue to play a key role in achieving net zero emissions, improving energy security and lowering bills.

However, in recent months, the cost of offshore wind projects has soared, prompting some developers to rethink their offshore wind investments. Last week, Swedish utility Vattenfall said it would stop developing a large offshore wind project in the UK as soaring costs and challenging market conditions put pressure on new developments. In its second quarter results released on July 20, Vattenfell said it would not proceed with the development of the 1.4GW Norfolk Boreas offshore wind project due to a 40% increase in costs in the offshore wind industry.

Anna Borg, President and CEO of Vattenfall, said: "While the need for fossil-free electricity is greater than ever, the offshore wind market is challenging. Higher inflation and capital costs are affecting the entire energy sector, but the geopolitical situation makes offshore wind and its supply chain particularly vulnerable. Editor/Xu Shengpeng