Offshore wind is expected to play a key role in New York's plan to reduce carbon emissions by getting 70% of the state's electricity from renewable sources by 2030. Offshore wind developers have threatened in recent months to cancel contracts to sell power in New York after dropping agreements in Massachusetts, Connecticut and New Jersey as soaring inflation, interest rates and supply chain problems have led to much higher costs to build projects than anticipated. It is also a critical pillar of President Joe Biden's plan to decarbonize the U.S. power grid and combat climate change.