Big Oil Backs off: Why Shell and BP have Exited the offshore Wind Business

Douglas McIntyre, editor-in-chief of Climate Crisis 24/7, reports on Shell and BP’s decisions to exit the offshore wind power sector, citing profitability challenges. He highlights issues like turbine breakdowns, infrastructure complexities, high interest rates and restricted offshore areas. McIntyre concludes that, while Big Oil had viewed wind power as a hedge against declining fossil fuel demand, the financial returns currently don’t justify the investment.