In a surprising turn of events, a major wind project off the coast of New York has been canceled by developers, dealing a significant blow to President Joe Biden's green agenda. Energy developers Equinor and BP announced the shelving of the project, citing factors such as inflation, high interest rates, and supply chain disruptions as the main reasons behind the decision.
The wind project was part of Biden's ambitious plan to increase offshore wind capacity to 30,000 megawatts by 2030. However, recent developments have underscored the challenges faced by these projects, with Equinor and BP joining a growing list of wind companies opting out of similar ventures.
