Climate projects around the world are sinking because of high borrowing costs driven by interest rates — jeopardizing a major plank of the international effort to prevent the most catastrophic damage from warming temperatures.
A rising tide of interest rates, supply chain bottlenecks and inflation is threatening the Biden administration’s ambitious offshore wind targets, creating a significant challenge for one of the president’s top climate priorities.
Clean energy has managed to grow during a global pandemic, a hostile presidential administration and fierce competition from fossil fuels. Now, it faces the prospect of battling rising interest rates and a potential recession.
