Biden’s Climate Agenda Is In Shambles

(Scypre.com) – Orsted, a global energy developer based in Denmark, has unexpectedly terminated two major offshore wind projects off the coast of New Jersey, dealing a setback to President Biden’s green energy objectives.

The cancellation of Ocean Wind 1 and Ocean Wind 2, projects personally endorsed by New Jersey Governor Phil Murphy and promoted by the White House as a success of “Bidenomics,” is attributed to shifting macroeconomic factors, including high inflation, supply chain disruptions, and rising interest rates.

David Hardy, Orsted’s Group Executive Vice President and Americas Division CEO, expressed regret over the decision, stating, “We have no choice but to cease development of Ocean Wind 1 and Ocean Wind 2.” Despite this setback, Hardy emphasized Orsted’s ongoing commitment to the U.S. renewable energy market and the importance of offshore wind energy in achieving clean energy goals.

The cancellation of Ocean Wind 1, approved for construction by the Biden administration in July, raises concerns about the feasibility of the ambitious plan to deploy 30 gigawatts of offshore wind energy by 2030. Orsted’s move is part of a broader trend, with several developers reassessing projects due to economic challenges, putting the administration’s goals at risk.

The projects, set to be located in the Atlantic Ocean off Cape May County, would have encompassed nearly 200 wind turbines across 161,000 acres. The sudden decision has sparked criticism from stakeholders, including Governor Murphy, who pledged to review legal options to ensure Orsted fulfills its obligations. A coalition of stakeholders, led by Cape May County, had previously sued the Biden administration, claiming inadequate assessment of negative impacts.

Despite the administration’s emphasis on offshore wind as a cornerstone of its clean energy strategy, critics argue that the cancellation underscores the economic unsustainability and environmental risks associated with such projects. Rep. Chris Smith sees Orsted’s withdrawal as a victory for local residents, environmentalists, and fishermen, highlighting concerns about the economic viability and environmental impact of massive ocean industrialization plans along the Jersey Shore.