No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Friday, July 3, 2026
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Market Research Business

Trump breaks wind funding again, canceling $679 million in federal funding for a dozen offshore projects

by TheAdviserMagazine
10 months ago
in Business
Reading Time: 4 mins read
A A
Trump breaks wind funding again, canceling 9 million in federal funding for a dozen offshore projects
Share on FacebookShare on TwitterShare on LInkedIn



The Transportation Department on Friday canceled $679 million in federal funding for a dozen offshore wind projects, the latest attack by the Trump administration on the reeling U.S. offshore wind industry.

Funding for projects in 11 states was rescinded, including $435 million for a floating wind farm in Northern California and $47 million to boost an offshore wind project in Maryland that the Interior Department has pledged to cancel.

“Wasteful wind projects are using resources that could otherwise go towards revitalizing America’s maritime industry,” Transportation Secretary Sean Duffy said in a statement. “Thanks to President Trump, we are prioritizing real infrastructure improvements over fantasy wind projects that cost much and offer little.”

It’s the latest step by the administration against renewable energy sources

The Trump administration has stepped up its crusade against wind and other renewable energy sources in recent weeks, cutting federal funding and canceling projects approved by the Biden administration in a sustained attack on clean energy sources that scientists say are crucial to the fight against climate change.

President Donald Trump has vowed to restore U.S. “energy dominance” in the global market and has pushed to increase U.S. reliance on fossil fuels such as coal, oil and natural gas that emit planet-warming greenhouse gases.

California Rep. Jared Huffman, the top Democrat on the House Natural Resources Committee, called Duffy’s action “outrageous” and deeply disappointing.

Trump and his Cabinet “have a stubborn and mystifying hatred of clean energy,” Huffman said in an interview. “It’s so dogmatic. They are willing to eliminate thousands of jobs and an entire sector that can bring cheap, reliable power to American consumers.”

The canceled funding will be redirected to upgrade ports and other infrastructure in the U.S., where possible, the Transportation Department said.

Other wind projects are also being halted

Separately, Trump’s Energy Department said Friday it is withdrawing a $716 million loan guarantee approved by the Biden administration to upgrade and expand transmission infrastructure to accommodate a now-threatened offshore wind project in New Jersey.

The moves come as the administration abruptly halted construction last week of a nearly complete wind farm off the coast of Rhode Island and Connecticut. The Interior Department said the government needs to review the $4 billion Revolution Wind project and address national security concerns. It did not specify what those concerns are.

Democratic governors, lawmakers and union workers in New England have called for Trump and Interior Secretary Doug Burgum to reverse course.

Trump has long expressed disdain for wind power, frequently calling it an ugly and expensive form of energy that “smart” countries don’t use.

Earlier this month, the Interior Department canceled a major wind farm in Idaho, a project approved late in former President Joe Biden’s term that had drawn criticism for its proximity to a historic site where Japanese Americans were incarcerated during World War II.

Trump blames renewable power for rising energy prices

Last week, with U.S. electricity prices rising at more than twice the rate of inflation, Trump lashed out, falsely blaming renewable power for skyrocketing energy costs. He called wind and solar energy “THE SCAM OF THE CENTURY!” in a social media post and vowed not to approve any wind or solar projects.

“We’re not allowing any windmills to go up unless there’s a legal situation where somebody committed to it a long time ago,” Trump said at a Cabinet meeting on Tuesday.

Energy analysts say renewable sources have little to do with recent price hikes, which are based on increased demand from artificial intelligence and energy-hungry data centers, along with aging infrastructure and increasingly extreme weather events such as wildfires that are exacerbated by climate change.

Revolution Wind’s developer, Danish energy company Orsted, said it is evaluating the financial impact of stopping construction on the New England project and is considering legal proceedings.

Revolution Wind was expected to be Rhode Island and Connecticut’s first commercial-scale offshore wind farm, capable of powering more than 350,000 homes. In addition to hampering the states’ climate goals, losing out on all that renewable power could drive up electricity prices throughout the region, Democratic officials say.

Critics say climate and jobs are at risk

Trump has made sweeping strides to prioritize fossil fuels and hinder renewable energy projects. Those include reviewing wind and solar energy permits, canceling plans to use large areas of federal waters for new offshore wind development and stopping work on another offshore wind project for New York, although construction was later allowed to resume.

Some critics say the steps to cancel projects put Americans’ livelihoods at risk.

“It’s an attack on our jobs,” Rhode Island Gov. Dan McKee said of the move to stop construction of Revolution Wind. “It’s an attack on our energy. It’s an attack on our families and their ability to pay the bills.”

Patrick Crowley, president of the Rhode Island AFL-CIO, said his union is “going to fight (Trump) every step of the way, no matter how long it takes.”

Under Biden, the U.S. held the first-ever auction of leases for floating wind farms in December 2022. Deep waters off the West Coast are better suited for floating projects than those that are anchored in the seabed, officials said.

Introducing the 2025 Fortune Global 500, the definitive ranking of the biggest companies in the world. Explore this year’s list.



Source link

Tags: BreakscancelingdozenfederalFundingMillionoffshoreProjectsTrumpwind
ShareTweetShare
Previous Post

Buy TJX Over Kohl’s Corporation (KSS), Says Jim Cramer

Next Post

The new head of the CDC has no training in medicine and once helped Peter Thiel develop man-made islands floating outside U.S. territory

Related Posts

edit post
The greatest startup in history: What we can learn from America’s founders at today’s AI frontier

The greatest startup in history: What we can learn from America’s founders at today’s AI frontier

by TheAdviserMagazine
July 3, 2026
0

Two hundred and fifty years ago, a group of founders gathered in Philadelphia with quill pens, ink, and parchment to...

edit post
Earnings growth to stay robust at 14–16%; IT correction a buying opportunity: Vikas Khemani

Earnings growth to stay robust at 14–16%; IT correction a buying opportunity: Vikas Khemani

by TheAdviserMagazine
July 3, 2026
0

After nearly two years of relentless underperformance, India's information technology sector could finally be approaching an inflection point. While concerns...

edit post
Inside the mind of Kevin Warsh, as told by Condoleezza Rice, Jerry Yang and Donald Kohn

Inside the mind of Kevin Warsh, as told by Condoleezza Rice, Jerry Yang and Donald Kohn

by TheAdviserMagazine
July 3, 2026
0

The first time former Secretary of State Condoleezza Rice encountered Kevin Warsh was in the 1980s when she was an...

edit post
Court Hands Democrats Another Win Against Trump on Vote by Mail

Court Hands Democrats Another Win Against Trump on Vote by Mail

by TheAdviserMagazine
July 3, 2026
0

President Donald Trump wants to halt vote-by-mail in states that refuse to turn over voter data to the administration. But...

edit post
Sumitomo Chemical shares soar 11%, record biggest single-day surge in nearly 2 years. Here’s why

Sumitomo Chemical shares soar 11%, record biggest single-day surge in nearly 2 years. Here’s why

by TheAdviserMagazine
July 3, 2026
0

The shares of Sumitomo Chemical India rallied sharply by around 11% on Friday, with the stock on track to record...

edit post
America 250: On the Cusp of History

America 250: On the Cusp of History

by TheAdviserMagazine
July 3, 2026
0

Tomorrow, July 4, 2026, marks the 250th anniversary of American independence. Folks everywhere will celebrate a milestone no nation in...

Next Post
edit post
The new head of the CDC has no training in medicine and once helped Peter Thiel develop man-made islands floating outside U.S. territory

The new head of the CDC has no training in medicine and once helped Peter Thiel develop man-made islands floating outside U.S. territory

edit post
Why Erroding the Fed’s Independence Will Only Make It Harder to Track Mortgage Rates

Why Erroding the Fed's Independence Will Only Make It Harder to Track Mortgage Rates

  • Trending
  • Comments
  • Latest
edit post
Mass Fraud in Massachusetts Committed by Illegal Immigrants Discovered

Mass Fraud in Massachusetts Committed by Illegal Immigrants Discovered

June 22, 2026
edit post
New York Seniors: 6 STAR Tax Relief Rules That Could Put a Bigger Check in Your Mailbox

New York Seniors: 6 STAR Tax Relief Rules That Could Put a Bigger Check in Your Mailbox

June 20, 2026
edit post
5 Pennsylvania Rebate Rules Seniors Should Check Before the Property Tax/Rent Deadline

5 Pennsylvania Rebate Rules Seniors Should Check Before the Property Tax/Rent Deadline

June 18, 2026
edit post
Florida Roads Become a Battleground for Illegal Immigration

Florida Roads Become a Battleground for Illegal Immigration

June 9, 2026
edit post
Same Portfolio. Same Retirement. A 10-Mile Move Costs One Couple ,000 A Year

Same Portfolio. Same Retirement. A 10-Mile Move Costs One Couple $10,000 A Year

June 27, 2026
edit post
Louisiana’s Age-Tiered Homestead Exemption: 8 Details About the Proposed 2028 Amendment

Louisiana’s Age-Tiered Homestead Exemption: 8 Details About the Proposed 2028 Amendment

June 15, 2026
edit post
Tracing Jefferson’s Libertarian Thought in the Declaration of Independence

Tracing Jefferson’s Libertarian Thought in the Declaration of Independence

0
edit post
Sterling Infrastructure Plunges 10.8% Amid Sector-Wide Selling

Sterling Infrastructure Plunges 10.8% Amid Sector-Wide Selling

0
edit post
Sumitomo Chemical shares soar 11%, record biggest single-day surge in nearly 2 years. Here’s why

Sumitomo Chemical shares soar 11%, record biggest single-day surge in nearly 2 years. Here’s why

0
edit post
Squishies Ocean Squishy Fidget Toys only .99!

Squishies Ocean Squishy Fidget Toys only $2.99!

0
edit post
An American pays a 9 list price for the same insulin-class weight-loss pen a German gets for around €59 — and the reason traces back to a century-old Danish rescue mission

An American pays a $969 list price for the same insulin-class weight-loss pen a German gets for around €59 — and the reason traces back to a century-old Danish rescue mission

0
edit post
The greatest startup in history: What we can learn from America’s founders at today’s AI frontier

The greatest startup in history: What we can learn from America’s founders at today’s AI frontier

0
edit post
Squishies Ocean Squishy Fidget Toys only .99!

Squishies Ocean Squishy Fidget Toys only $2.99!

July 3, 2026
edit post
Is Surge Pricing Coming for Your Groceries? Learn Now How to Protect Your Wallet

Is Surge Pricing Coming for Your Groceries? Learn Now How to Protect Your Wallet

July 3, 2026
edit post
The greatest startup in history: What we can learn from America’s founders at today’s AI frontier

The greatest startup in history: What we can learn from America’s founders at today’s AI frontier

July 3, 2026
edit post
‘Nothing Illegal, Nothing Wrong’: Trump Defends .4 Billion Crypto Profits From 2025

‘Nothing Illegal, Nothing Wrong’: Trump Defends $1.4 Billion Crypto Profits From 2025

July 3, 2026
edit post
Links 7/3/2026 | naked capitalism

Links 7/3/2026 | naked capitalism

July 3, 2026
edit post
10 Careers With the Highest Divorce Rates and 10 With the Lowest

10 Careers With the Highest Divorce Rates and 10 With the Lowest

July 3, 2026
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Squishies Ocean Squishy Fidget Toys only $2.99!
  • Is Surge Pricing Coming for Your Groceries? Learn Now How to Protect Your Wallet
  • The greatest startup in history: What we can learn from America’s founders at today’s AI frontier
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.