Ørsted warns of up to $2.3 billion hit to US portfolio
Ørsted warns of up to $2.3 billion hit to US portfolio | Windpower Monthly
Ørsted warns of up to $2.3 billion hit to US portfolio
Danish renewables major Ørsted could face up to DKK 16 billion ($2.3 billion) of impairments on its US portfolio due to supplier delays for its near-term offshore wind projects, uncertainty over government support and higher interest rates.
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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Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”