According to an industry report published on Tuesday, the United States will fall well short of the Biden administration’s 2030 offshore wind goals but will catch up rapidly in the next years.

According to the American Clean Power Association, there will be 14 gigawatts of offshore wind power along U.S. coasts by 2030. The 30 GW goal set by President Joe Biden in 2021 to kickstart the domestic energy sector was a far cry from what ACP projected.

Biden has promised that combating climate change would create jobs and reenergize the economy. Offshore wind power is a major part of his promise.

In the past year, soaring material costs, high interest and supply-chain snags led to multiple offshore wind companies canceling or renegotiating power contracts for planned U.S. off-shore wind farms. These challenges have raised doubts about the industry's capacity to meet the deadline set by the administration.

According to the ACP, there are only 174 megawatts of offshore wind power installed in the U.S.

According to the report, there are more than 12 GW of offshore wind capacity in development or construction. China is the market leader, with nearly 38 GW. The U.S. has a far smaller offshore wind capacity.

ACP's offshore wind market report states that the United States will achieve the 30 GW goal by 2033, and almost 40 GW by 2030.

ACP said that the industry was on track to create 56,000 new jobs and invest $65 billion by 2030. (Reporting and editing by Nicholae Groom)