Orsted announced Tuesday it would cancel two of its largest offshore wind projects in New Jersey, a major setback for President Joe Biden and Democrats’ clean energy ambitions. POLITICO’s Ry Rivard breaks down why Orsted pulled out, how it impacts the offshore wind industry, and the political fallout. Plus, the Treasury Department’s Federal Insurance Office is moving ahead with a revised proposal to collect data from property insurers on climate risks.

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Catherine Morehouse is an energy reporter for POLITICO and the host of the POLITICO Energy podcast.

Ry Rivard covers energy, the environment and transportation in New Jersey for POLITICO.

Nirmal Mulaikal is a POLITICO audio host-producer.

Kara Tabor is an audio producer for POLITICO.

Gloria Gonzalez is the deputy energy editor for POLITICO.

Matt Daily is the energy editor for POLITICO.

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The offshore wind industry takes a big hit