Vessel delays contribute to scrapping of Orsted's US offshore wind projects - TradeWinds
Vessel delays contribute to scrapping of Orsted’s US offshore wind projects | TradeWinds
Orsted scrapped two of the United States’ largest wind farm projects over continuing supply chain turmoil, high interest rates and permitting delays, Recharge reported.
Mads Nipper, group chief executive of the Danish energy company, pointed to vessel delays were among factors in the decision to halt the 1.1-GW Ocean Wind 1 and 1.15-GW Ocean Wind 2 off New Jersey.
“We are extremely disappointed to announce that we are ceasing the development of Ocean Wind 1 and 2,” 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Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”