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The U.S. Department of the Interior announced an order to stop construction activities on the […]] Trump Admin Halts $5 Billion New York Offshore Wind Project – ESG Today ESG Investing, sustainable finance & business sustainability news ESG investing news, analysis, research and information Top Stories ESG News Companies Government Investors Regulators Sustainable Finance ESG Solutions ESG Tools, Services Companies Companies Investors Investors ESG Disclosure ESG Reporting Analysis Regulators Reports, Studies Newsfeed Resources Events About About us Our Team Advertise With Us Energy Transition/ Government Trump Admin Halts $5 Billion New York Offshore Wind Project Mark Segal April 17, 2025 The U.S. Department of the Interior announced an order to stop construction activities on the Empire Wind project, a large scale offshore wind project off the coast of New York, anticipated to power 500,000 homes with renewable energy. New York Governor Hochul said that she would fight the order “every step of the way.” In a social media announcing the decision, Secretary of the Interior Doug Burgum said that the department ordered the Bureau of Ocean Management (BOEM) “to immediately halt all construction activities” on the project, pending a “review of information that suggests the Biden administration rushed through its approval without sufficient analysis.” The order forms the latest in a series of actions by the Trump administration directed at reversing the prior Biden administration’s focus on addressing climate change, including announcing its departure from the Paris Agreement as one of President Trump’s first executive orders upon taking office. Located 24 – 48 kilometers Southeast of Long Island, Empire Wind 1 is anticipated to be the first offshore wind project to connect into the New York City grid, with a contracted capacity of 810 MW. The project was already under construction and had been expected to reach commercial operation in 2027. The Empire Wind lease was awarded to Norway-based energy company Equinor in 2017. Earlier this year, Equinor announced that it had secured a project financing package in excess of $3 billion for Empire Wind. The company said that it expected total capital investments for the project to reach approximately $5 billion. In a statement issued following the order, Equinor said: “Empire is engaging with relevant authorities to clarify this matter and is considering its legal remedies, including appealing the order.” In June 2024, Equinor and the New York State Energy Research and Development Authority (NYSERDA) executed a 25-year purchase and sale agreement (PSA) for power from Empire Wind 1 with a $155/MWh strike price. At the time, New York Governor Kathy Hochul called offshore wind “a critical piece of our clean energy blueprint to address the climate crisis.” New York has a mandatory goal in place to have 70% of electricity provided by renewable sources by 2030, as well as a target to achieve a zero-emission electricity sector by 2040. In a statement issued after the order, Governor Hochul said: “As Governor, I will not allow this federal overreach to stand. I will fight this every step of the way to protect union jobs, affordable energy and New York’s economic future.” Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder. 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