The Sierra Club has released a new report by Synapse Energy highlighting the economic and environmental benefits of offshore wind for New England. According to the report, offshore wind has the potential to save the region an average of $630 million annually in electricity costs. This not only addresses climate change and energy security challenges but also meets the growing electricity demand. The report underscores the urgency of transitioning to renewable energy sources to achieve these significant benefits.

Offshore wind power is essential to the solution, but the industry is at a turning point. We’ve seen that success is possible with the construction of Massachusetts’ nation-leading Vineyard Wind 1 project. The question is what comes next, and how do we keep the industry moving forward at a crucial time for New England’s economy and its collective climate goals?

Electricity demand is rising globally due to population growth, urbanization, and the electrification of transportation and heating. At the same time, there is a pressing need to move from fossil fuels to renewable energy to reduce greenhouse gas emissions. In New England, ISO New England has projected a 17% increase in electric demand over the next decade. At the same time, as demand is predicted to increase, several large fossil fuel plants are slated for closure, such as the Mystic Generating Station, which shut down at the end of May.

State officials and policymakers have identified offshore wind as one of the indispensable anchors of the region’s future energy mix, taking advantage of our incredibly strong wind resource offshore. It can be located near densely populated coastal areas, reducing energy loss during transmission and enhancing energy security while providing economic prosperity to many of our gateway cities.

Despite its advantages, the path to offshore wind development is challenging. Regulatory hurdles, supply chain cost increases and constraints, and lengthy permitting processes have delayed progress. Not to mention the misinformation campaigns led by oil interests trying to slow down or stop development. But moving this industry forward is essential.

Gordon van Welie, the CEO of ISO New England, recently noted that the success of our offshore wind ambitions is crucial to meeting our energy needs for the next decade. “The question of whether or not we will be in good shape or not five to 10 years from now is very much going to be a function of whether we can get that offshore wind industry up and going and interconnected into the system. And there are some troubling signs at the moment,” he said on Commonwealth Beacon’s The Codcast.

Each delay postpones environmental benefits, increases costs and erodes public trust. Furthermore, a lack of action can lead to missed opportunities for job creation and economic growth in the green-energy sector.

State leaders and policymakers have demonstrated the ambition and foresight to keep offshore wind on track, and the outcome of this summer’s procurement will have far-reaching impacts on the industry's long-term health. The success of the projects currently selected by the states is essential to continuing investment in this critical sector, growing the region’s offshore wind cluster, and building on progress.

Managing costs is crucial to ensuring the feasibility and support of offshore wind projects. Economies of scale, advancements in turbine technology, and competitive bidding processes have demonstrated an ability to reduce costs in the past. To address the current challenges in the global wind market, continued focus on these areas could help reduce costs in the long term.

However, even at a higher cost than the first generation of projects, offshore wind is still a good deal for ratepayers across New England, and the fundamental need to advance the industry has not changed. Offshore wind will still localize our energy supply, provide stability and an essential resource during periods of peak demand, especially in winter, and reduce our reliance on volatile global fossil fuel markets that drive up consumer costs. We must take timely and decisive action to meet our energy needs and pave the way for a sustainable and prosperous future.

The stakes are too high. The costs of waiting are dangerous and multifaceted. Continued reliance on fossil fuels not only exacerbates climate change but also imposes severe health costs. Our electric system is aging, and we require a strategy and a vision to replace retiring resources with the energy of the future.

Our state leaders have shown tremendous vision in positioning New England to lead the nation on offshore wind. We’ve proven that this industry can succeed in the U.S. – we can do hard things and build these massive infrastructure projects.

Joe Curtatone is president of the Northeast Clean Energy Council.