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Wind energy is recovering from a 2022 slump

Rows of wind turbines rising above the sea.
Aerial view of an offshore wind farm on July 2nd, 2022, in Zhoushan, Zhejiang Province of China. | Photo by Yao Feng / VCG via Getty Images

The wind energy industry is recovering from a worrying slump in 2022, according to a new report from BloombergNEF. Growth in global capacity — encompassing offshore and onshore wind — dropped 15 percent last year. The decline in new offshore wind installations was more stark, falling 46 percent from 2021.

Until last year, winds looked favorable for the industry. Turbines have gotten significantly cheaper over the past couple decades. Governments are setting targets to bring more renewable energy online. And within a few years, renewable sources of electricity like wind and solar are expected to dominate global power sector growth.

Nevertheless, after two years of record growth at the start of the decade, supply chain constraints and…

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