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Illustration: Eniola Odetunde/Axios

This week brought new signs of multinational oil majors' deepening push into offshore wind.

Driving the news: France's Total is teaming up with Spain-based global power giant Iberdrola to develop what they say will be one of the world's largest offshore wind farms off Denmark's coast.

  • "The 50/50 partnership has been pre-qualified by the Danish Energy Agency to submit a bid for the Thor offshore wind farm in the Danish North Sea," the companies said.
  • The project will have power generating capacity of up to 1 gigawatt and it's slated to come online as soon as 2025, they said this morning.

Driving the news, part 2: New York State officials yesterday announced contracts with Equinor, the Norway-based global oil giant, for a pair of offshore wind projects.

  • The two farms will have a combined capacity of nearly 2.5 gigawatts, Equinor said of the projects — Empire Wind 2 and Beacon Wind 1.
  • They come on top of Equinor's planned Empire Wind 1 project off New York. BP is Equinor's strategic partner in the developments.

Yes, but: Renewables and low-carbon energy overall are currently a small part of oil majors' overall capital spending, with fossil fuels remaining their dominant business lines.

The big picture: Via Reuters, "European oil firms such as Equinor and BP are under pressure from activists, banks, investors and some governments to shift away from fossil fuels, and analysts say offshore wind farms are probably the quickest way for them to do so."

Go deeper

Ben Geman, author of Generate
Jan 27, 2021 - Politics & Policy

Biden to sign major climate orders, setting up clash with oil industry

Illustration: Aïda Amer/Axios

President Biden will sign new executive actions today that provide the clearest signs yet of his climate plans — elevating the issue to a national security priority and kicking off an intense battle with the oil industry.

Driving the news: One move will freeze issuance of new oil-and-gas leases on public lands and waters "to the extent possible," per a White House summary.

Neera Tanden withdraws nomination for Office of Management and Budget director

Neera Tanden testifying before the Senate Budget Committee in Washington, D.C., in February 2021. Photo: Anna Moneymaker/The New York Times/Bloomberg via Getty Images

Neera Tanden withdrew her name from nomination to lead the Office of Management and Budget after several senators voiced opposition and concern about her qualifications and past combative tweets, President Biden announced Tuesday.

Why it matters: Tanden’s decision to pull her nomination marks Biden's first setback in filling out his Cabinet with a thin Democratic majority in the Senate.

What's ahead for the newest female CEOs

Jane Fraser (L) and Rosalind Brewer. Photos: Jason Redmond/AFP via Getty Images; Rodrigo Capote/Bloomberg via Getty Images.

The number of women at the helm of America’s biggest companies pales in comparison to men, but is newly growing — and their tasks are huge.

What's going on: Jane Fraser took over at Citigroup this week, the first woman to ever lead a major U.S. bank. Rosalind Brewer will take the reins at Walgreens in the coming weeks (March 15) — a company that's been run by white men for more than a century.