"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-09-13T15:28:17Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/09/13/chevron-ceo-mike-wirth-climate-change-harlow-vpx.cnnbusiness"
data-branding-key="perspectives-no-logo"
data-video-slug="chevron ceo mike wirth climate change harlow vpx"
data-first-publish-slug="chevron ceo mike wirth climate change harlow vpx"
data-video-tags="banking, finance and investments,business and industry sectors,business, economy and trade,chevron corp,climate change,companies,company activities and management,company structure and ownership,energy and environment,energy and resources,energy and utilities,environment and natural resources,environmental regulation and policy,environmentalism,financial markets and investing,misc people,poppy harlow,securities trading,shareholders,stock markets"
data-details="">
Video Ad Feedback
This is what Chevron's CEO thinks about climate change
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-08-31T22:32:47Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/08/31/americans-face-high-utility-bills-yurkevich-dnt-lead-vpx.cnn"
data-branding-key=""
data-video-slug="americans face high utility bills yurkevich dnt lead vpx"
data-first-publish-slug="americans face high utility bills yurkevich dnt lead vpx"
data-video-tags="severe weather,weather,business and industry sectors,business, economy and trade,economic conditions,economic indicators,economy and economic indicators,energy and utilities,inflation"
data-details="">
Video Ad Feedback
'I can't withstand the heat': Americans behind on utility bills face extreme weather
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-07-26T14:30:15Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/07/26/european-union-reducing-gas-consumption-russia-supply-winter-firstmove-vpx.cnn"
data-branding-key=""
data-video-slug="european union reducing gas consumption russia supply winter firstmove vpx"
data-first-publish-slug="european union reducing gas consumption russia supply winter firstmove vpx"
data-video-tags="business and industry sectors,business, economy and trade,energy and utilities,energy consumption,european union,government organizations - intl,natural gas,oil and gas industry,clare sebastian,continents and regions,eastern europe,europe,misc people,russia,ukraine"
data-details="">
Video Ad Feedback
EU countries agree to reduce gas consumption to prep for winter
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-07-21T15:08:36Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/07/21/international-energy-agency-european-gas-consumption-firstmove-intl-ldn-vpx.cnn"
data-branding-key=""
data-video-slug="international energy agency european gas consumption firstmove intl ldn vpx"
data-first-publish-slug="international energy agency european gas consumption firstmove intl ldn vpx"
data-video-tags="business and industry sectors,business, economy and trade,continents and regions,energy and utilities,energy and utility policy,energy consumption,europe,government organizations - intl,international energy agency"
data-details="">
Video Ad Feedback
IEA director says Europe needs to lower gas consumption to prepare for winter
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-07-19T17:25:36Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/07/19/france-finance-minister-bruno-le-maire-russia-europe-gas-supply-uae-ctw-vpx.cnn"
data-branding-key=""
data-video-slug="france finance minister bruno le maire russia europe gas supply uae ctw vpx"
data-first-publish-slug="france finance minister bruno le maire russia europe gas supply uae ctw vpx"
data-video-tags="becky anderson,continents and regions,eastern europe,europe,france,middle east,middle east and north africa,misc people,russia,united arab emirates,western europe"
data-details="">
Video Ad Feedback
French finance minister says country prepping for cutoff of Russian gas supply
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-07-05T19:03:29Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/07/05/hungary-foreign-minister-russian-energy-purchase-ukraine-amanpour-intl-vpx.cnn"
data-branding-key=""
data-video-slug="hungary foreign minister russian energy purchase ukraine amanpour intl vpx"
data-first-publish-slug="hungary foreign minister russian energy purchase ukraine amanpour intl vpx"
data-video-tags="christiane amanpour,continents and regions,eastern europe,europe,government and public administration,government bodies and offices,government departments and authorities,hungary,international relations,international relations and national security,misc people,russia,state departments and diplomatic services,ukraine,russia-ukraine conflict,unrest, conflicts and war"
data-details="">
Video Ad Feedback
Hungarian foreign minister on why the country is still buying Russian energy
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-06-10T15:02:45Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/06/10/low-price-gas-station-affil-vpx.ktvk-kpho"
data-branding-key="good-stuff"
data-video-slug="low price gas station affil vpx"
data-first-publish-slug="low price gas station affil vpx"
data-video-tags="arizona,continents and regions,north america,phoenix,southwestern united states,the americas,united states"
data-details="">
Video Ad Feedback
Hear why this gas station owner is selling gas at a loss
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-03-23T02:00:31Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/03/23/fuel-prices-gas-breakdown-js-orig.cnn"
data-branding-key=""
data-video-slug="fuel prices gas breakdown js orig"
data-first-publish-slug="fuel prices gas breakdown js orig"
data-video-tags="banking, finance and investments,business and industry sectors,business, economy and trade,commodity markets,consumer products,economic conditions,economic indicators,economy and economic indicators,energy and resources,energy and utilities,energy commodities,energy economic indicators,financial markets and investing,inflation,oil and gas industry,oil prices,price increases"
data-details="">
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-06-08T15:11:51Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/06/08/oecd-secretary-general-global-economic-report-russia-oil-embargo-inflation-firstmove-vpx.cnn"
data-branding-key=""
data-video-slug="oecd secretary general global economic report russia oil embargo inflation firstmove vpx"
data-first-publish-slug="oecd secretary general global economic report russia oil embargo inflation firstmove vpx"
data-video-tags="business, economy and trade,celebrities,continents and regions,developing countries,eastern europe,economic conditions,economic development,economic indicators,economy and economic indicators,europe,inflation,julia chatterley,non-profit and ngo organizations,organisation for economic co-operation and development,russia,russia-ukraine conflict,trade and development,ukraine,unrest, conflicts and war"
data-details="">
Video Ad Feedback
OECD secretary-general explains global cost of the Russian oil embargo
The federal government this week gave the green light to Vineyard Wind, the nation’s first commercial scale offshore wind farm. Although onshore wind is a growing part of the nation’s power grid, offshore wind is just getting off the ground.
Located 15 milesoff the southern coast of Martha’s Vineyard, the massive project aims to power more than 400,000 Massachusetts homes and businesses, slash carbon emissions and create thousands of jobs.
The stakes couldn’t be higher. America’s power systemneeds a serious makeover in order to meet President Biden’s emissions goals. Dirty coal must be replaced by much more solar and wind — including a series of offshore wind farms that begin with Vineyard Wind.
And if the 84-turbine project flops, it will give ammunition to critics who argue offshore wind is too expensive, too unreliable and too complicated.
“We do feel a responsibility to get it right,” said Bill White, vice president of offshore wind at Avangrid Renewables, which co-owns the Vineyard Wind venture along with Copenhagen Infrastructure Partners. “We are prepared. We are ready. The project has been intensely vetted.”
‘Terribly important’
Now that the project has secured its final, major federal approval from the Bureau of Ocean Management, Vineyard Wind plans to begin construction this year and start providing power to Massachusetts in 2023.
But this is no small task. Offshore wind farms must contend with rough seas, bad weather and the inherent challenges of installing gigantic wind turbines at sea — and then connecting them to land miles away.
“This first project is terribly important in getting this sector kicked off on the right foot,” said Dan Shreve, head of global wind energy at consulting firm Wood Mackenzie.
Vineyard Wind, which received 33,000 public comments and went through hundreds of hours of public hearings, also faced opposition from commercial fishermen worried about the impact to their industry. To ease those concerns, the developers reached agreements with Massachusetts and Rhode Island to compensate fishermen for potential losses of revenue.
Avangrid, which has previously built offshore wind farms in Europe, applauded Biden’s team for approving a project that languished for years.
“I don’t think it’s a secret that the Trump administration was focused on advancing fossil fuels and not renewable energy projects. Whether it was intentional or not, there was a stagnation of the process,” said White. “The Biden administration has convened an all-of-government approach to offshore wind, which we’ve never seen before.”
$2.5 trillion in renewable energy spending
Offshore wind is a central part of Biden’s clean energy agenda. The president recently laid out an ambitious goal of cutting US greenhouse gas emissions in half by 2050, compared to 2005 levels.
His climate targets represent a “challenging task and require major changes in the country’s energy system that would shake the current fuel mix,” research firm Rystad Energy wrote in a report on Friday.
Rystad Energy laid out a model that it considers the most achievable roadmap to reaching Biden’s goals. It calls for spending a staggering $2.5 trillion on renewable energy projects in this decade alone and sharp cuts to America’s fossil fuels appetite. Rystad Energy said that by 2030 US coal consumption will need be slashed by about two-thirds from 2021 levels and natural gas consumption will need to drop by 27%.
At the same time, solar and wind power will need to grow dramatically to pick up the slack and eventually generate the majority of US power. Rystad Energy said a total of 700 gigawatts of wind capacity alone must be added by 2030.
To put that into perspective, while Vineyard Wind is a large project, the 800 megawatts of power it will generate is a drop in the bucket of what’s needed.
“The approval of this project is an important step toward advancing the Administration’s goals to create good-paying union jobs while combating climate change and powering our nation,” Secretary of the Interior Deb Haaland said in a statement.
Offshore wind is especially important to efforts to decarbonize Northeast coastal states. Shreve, the Wood Mackenzie executive, noted that those states often have dense populations and yet lack the space or climate needed for large-scale solar and onshore wind power generation.
“But they do have exceptional offshore wind resources,” he said.
GE-powered turbines
Until recently, offshore wind projects were considered too expensive to compete with fossil fuels. Technological gains have changed that thinking.
“The costs have come down precipitously,” said Shreve. “It’s now viable where you can make the case as a politician that it’s a realistic option to decarbonize our state.”
Part of the key to that is the evolution of the turbines themselves, which are much more powerful than a decade ago.
“Just one rotation of the turbine will power an entire Massachusetts house for a day. It’s staggering,” said White, the Avangrid executive. “There has been an extraordinary acceleration of the technology.”