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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.

Federal Reserve scales back expectations for economic recovery as Delta variant weighs

Fed chair Jerome Powell during a congressional hearing last year. (Photo: Stefani Reynolds/Bloomberg via Getty Images)

The Fed downgraded near-term expectations for the economy and the labor market, alongside hotter-than-expected inflation, in new estimates out on Wednesday.

Why it matters: It's the first time those closely-watched estimates reflect impact from the delta variant that's already rattled the labor market. Still, Fed chairman Jerome Powell said enough progress has been made to begin to pull back emergency-era measures that have supported the economy.

Bipartisan police reform negotiations end without deal

Rep. Karen Bass (D-Calif.) with Sens. Tim Scott (R-S.C.) and Cory Booker (D-N.J.) in the Capitol in May 2021. Photo: Drew Angerer/Getty Images

Bipartisan talks on reforming police tactics and accountability, prompted by George Floyd's murder in May 2020, have ended without a compromise, Sen. Cory Booker (D-N.J.), a key negotiator, said Wednesday.

Why it matters: Lawmakers, led by Rep. Karen Bass (D-Calif.) and Sens. Tim Scott (R-S.C.) and Booker, had been working toward a bipartisan deal for months but things fell apart due to disagreements on qualified immunity and other issues.