Off the coast of New England, winds whip over the frigid Atlantic Ocean creating perfect conditions for giant offshore turbines. While plans are in place to tap that natural power to generate electricity, progress — here and around the world — is being held up by soaring inflation.

As investment foundations crumble due to rising interest rates and higher materials costs, developers in the U.S. are delaying clean-power projects like the 1.2-gigawatt Commonwealth Wind development near Massachusetts, which would be one of the largest wind farms in the country and capable of powering 700,000 homes.

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