McKinsey & Company has released new research showing a widening "reality gap" between decarbonisation project commitments and actual progress, particularly in Europe and the United States.
The analysis reveals that while many offshore wind projects are announced, a significant portion has yet to reach final investment decision (FID), threatening the ability to meet 2030 targets.
The report highlights that of the 124 GW of announced offshore wind capacity in Europe, about 65% is still pending FID. This delay could impact countries' ability to achieve their Paris Agreement commitments by 2030. The study attributes these shortfalls to factors such as economic uncertainty, lengthy permitting processes, and supply chain challenges.
McKinsey stresses the urgency for companies and governments to reassess strategies and accelerate project approvals to close this gap and ensure the successful transition to renewable energy.
