In another blow to US carbon emissions reductions and renewable energy growth, ESGToday reported:
“Norway-based energy company Equinor and UK energy giant bp announced today the termination of an agreement with the New York State Energy Research and Development Authority (NYSERDA) for Empire Wind 2, one of the largest offshore wind projects in the U.S. with anticipated capacity of nearly 1.3 GW. According to a statement from the companies, the decision to end the agreement followed ‘changed economic circumstances,’ with higher inflation and interest rates, as well as supply chain disruptions preventing the Offshore Wind Renewable Energy Certificate (OREC) with the state from being viable.”
The site was to be located approximately 14 miles offshore Long Island at its closest point. Last November, I wrote about the crippling business environment faced by renewable energy project at the moment. That isn’t showing signs of slowing. Of course, this also causes headaches for companies expecting to benefit from these projects for their own carbon footprint. If your company is in the area expected to be served by Empire Wind 2, I hope you have a Plan B.
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