Orsted finance chief and COO out after $4bn US offshore wind debacle - Recharge
Orsted finance chief and COO out after $4bn US offshore wind debacle | Recharge
Orsted’s chief financial officer Daniel Lerup and its chief operating officer Richard Hunter are stepping down “in mutual agreement”, the Danish utility said less than two weeks after cancelling two gigascale US offshore wind projects, which triggered $4bn in impairment charges.
“Orsted, along with the rest of the industry, is experiencing a challenging and volatile business environment,” CEO Mads Nipper said.
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Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”