Corio and Rise to pay $420m for stakes in TotalEnergies giant US offshore wind project - Recharge
Corio and Rise to pay $420m for stakes in TotalEnergies giant US offshore wind project | Recharge
Corio Generation and local utility Rise Light & Power will jointly pay $420m for stakes in the 3GW Attentive Energy offshore wind project off the coast of New York and New Jersey, TotalEnergies said.
Rise will also contribute its assets and interconnection capabilities in New York City to the project, the French oil giant said, when giving more detail about the joint push into US offshore wind, which offshore wind developer Corio had made public earlier this month.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”