California lawmakers have approved a $10bn piece of climate bond legislation SB 867, which includes $475m to invest in upgrades to make the state’s ports floating wind-ready.
The upgrade investments will be crucial to help the Golden State’s goals of 5GW of offshore wind by 2030 and 25GW by 2045.
Offshore Wind California, a trade group of offshore wind developers and technology companies, stated: “This is great news for California ports and offshore wind, and for all the workers and residents who will build and use the gigawatts of reliable clean power from this important renewable energy resource.
“We thank the legislative leaders in the Senate and Assembly for their support for offshore wind and ports in the climate bond and we urge the Governor to sign the measure, which will go before voters on the November ballot.”
Last week, the California Energy Commission released the state’s final strategic plan to deploy offshore wind at scale, as directed by the AB 525 law signed by Governor Gavin Newsom (pictured) in 2021.
The plan outlines key next steps, including investments in a multi-port strategy and new electric transmission, efficient and timely permitting, a robust supply chain and workforce training, engaging key stakeholders and identifying suitable sea space to reach 25GW.
On ports, the plan estimates $11bn-$12bn will be required to upgrade existing port infrastructure for offshore wind.
California is setting a course to be a “global leader on floating offshore wind” and make it a central part of its diverse clean-power portfolio to generate 100% clean electricity by 2045.