WASHINGTON D.C.: In the latest move in the Biden administration's efforts to advance the fledgling offshore wind industry under its climate-change agenda, this week the White House announced a plan to accelerate development of next-generation floating offshore wind farms.

The plan aims to reduce the cost of the technology by 70 percent and establish a goal to power 5 million U.S. homes with wind generated energy by 2035.

In Europe, floating offshore wind technology is in the early stages of development, as only a few small projects have been launched.

During a call with reporters, White House national climate adviser Gina McCarthy said the announcement is aimed at positioning the U.S. "to lead the world on floating offshore wind and bring offshore wind jobs to more parts of our country, including the West Coast."

Officials said that by 2035, the U.S. aims to have a floating offshore wind capacity of 15 gigawatts along its coast, in line with the administration's other target for permitting 30 gigawatts of offshore wind by 2030.

As part of the plan, the Interior Department will hold a lease auction for areas along the California coast later this year.

The Department of Energy will also commit some $50 million to fund related research, development and demonstration projects, and aims to reduce costs by 70 percent, reaching $45 per megawatt-hour by 2035.

This initiative is one of the department's "Energy Earthshots" initiatives, aimed at encouraging innovation in emerging clean technologies, such as those related to hydrogen, energy storage and reducing carbon dioxide.