the staff of the Ridgewood blog
Ocean City NJ, President Biden’s Green New Deal faced a significant setback as developers of a large offshore wind project in New York withdrew from a deal with the state. Approximately 30% of current wind projects are at risk of delays or cancellations. Since July, projects in Massachusetts, New Jersey, and Connecticut have been put on hold. The withdrawal of BP and Equinox from the New York project adds to the challenges facing offshore wind initiatives. While there may be attempts to revive the projects, this setback contributes to the offshore wind sector’s recent struggles. Notably, two other major projects, Empire Wind 1 and Beacon Wind, are facing financial difficulties, although they haven’t been officially canceled yet. The much-touted “green energy transition” appears to be encountering significant challenges.
