A year after passage of the largest climate change legislation in U.S. history, meant to touch off a boom in American clean energy development, economic realities are fraying President Joe Biden’s agenda. Soaring financing and materials costs, unreliable supply chains, delayed rulemaking in Washington and sluggish permitting have wrought havoc ranging from offshore wind developer Orsted’s (ORSTED.CO) project cancellations in the U.S. Northeast, to Tesla, Ford and GM’s scaled back EV manufacturing plans.
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A year after passage of the largest climate change legislation in US history, meant to touch off a boom in US clean energy development, economic realities are fraying President Joe Biden’s agenda. Soaring financing and materials costs, unreliable supply chains, delayed rulemaking in Washington and sluggish permitting have wrought havoc ranging from offshore wind developer Orsted’s project cancellations in the US Northeast, to Tesla, Ford and GM’s scaled back EV manufacturing plans.