Core Insights - Equinor ASA has decided not to proceed with its planned offshore wind projects in Australia, which is a significant setback for the country's renewable energy sector [1][2] Project Details - The decision specifically impacts the Novocastrian Offshore Wind Farm, a 2 GW floating wind project off the Hunter coast of New South Wales, which was set to begin construction in 2028 and commence operations in 2031 [2] - The project was in partnership with Oceanex Energy and had received a feasibility license from the Australian government earlier this year [2] - Equinor declined the license after failing to agree on terms with Oceanex for the next phase of the project [2] Broader Context - This marks Equinor's third withdrawal from offshore wind projects in Australia, following its exit from the Bass Offshore Wind Project near Tasmania [3] - The Novocastrian project was seen as a leader in advancing deep-water floating wind technology, and Oceanex is still looking for international investors to continue its development despite financial challenges [4] - The decision comes amid rising costs, investment uncertainties, and shifting market conditions affecting offshore wind projects globally, with other companies like Ørsted and Blue Float Energy also shelving major projects [5] Government Commitment - Despite these setbacks, the Australian government remains committed to expanding renewable energy infrastructure, although achieving national clean energy targets will be increasingly difficult if flagship offshore wind projects do not progress beyond the feasibility stage [6]