Japan and US partner to reduce floating offshore wind costs
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/04/President-Joe-Biden-and-Japanese-Prime-Minister-Fumio-Kishida-hold-a-joint-press-conference-in-the-Rose-Garden-at-the-White-House.webp)
Japan has agreed to collaborate with the United States to lower the expense of floating offshore wind projects in deep waters by 2035, the White House said in a statement released during Prime Minister Fumio Kishida’s visit to Washington on Thursday.
Under the agreement, Japan will contribute about 120 billion yen through the Green Innovation Fund (GIF) to develop the offshore project technology. The two countries would also collaborate to accelerate development in engineering, manufacturing, and other innovation areas.
Read more: Ingka explores offshore wind investments in South Korea and Japan
Through the partnership, Tokyo would help the United States achieve the goal of installing 15 GW of floating offshore capacity in deep waters by 2035 at a 70% lower cost. Floating wind power installations are typically bigger and costlier than bottom-fixed structures.
The agreement is another push by the White House towards developing offshore energy, which aims to leverage more than $5.8 billion in cumulative public and private sector supply chain investments.
The White House added that in addition to the agreement, the two countries intend to support the establishment of a green shipping corridor, including a new grain corridor, to support decarbonisation efforts in the shipping sector.
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-4.33.30 PM-150x150.png)
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