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Blow: Orsted is the largest offshore wind developer  The world's largest offshore wind developer Orsted has ditched plans for a mega plant to develop green fuels - becoming the latest company to scale back commitments to switch to cleaner energy such as hydrogen and wind.  It had been building a hub in Sweden for use by sectors from shipping to aviation.  Through combined hydrogen and carbon dioxide, the facility would have produced 55,000 tons per year of e-methane.  But chief executive Mads Nipper said: ‘The business case has deteriorated due to the inability to sign long-term offtake contracts at sustainable pricing and significantly higher project costs.'  The move to halt work has cost £172million.  Orsted is a major player in the sector and is set to build an £8billion offshore wind farm in the North Sea by the end of 2027 to power more than 3.3m UK homes.    RELATED ARTICLES  Previous  1  Next    New Starbucks boss lands bumper £88million pay package - and... Germany's biggest bank hails 'remarkable' UK stock market Labour plan for workers' rights could spook employers,... Powell takes centre stage as a September rate cut looms:...    Share this article  Share    HOW THIS IS MONEY CAN HELP  How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account      DIY INVESTING PLATFORMS      AJ Bell    AJ Bell  Easy investing and ready-made portfolios  Learn More    Learn More      Hargreaves Lansdown    Hargreaves Lansdown  Free fund dealing and investment ideas  Learn More    Learn More      interactive investor    interactive investor  Flat-fee investing from £4.99 per month  Learn More    Learn More      Saxo    Saxo  Get £200 back in trading fees  Learn More    Learn More      Trading 212    Trading 212  Free dealing and no account fee  Learn More    Learn More    Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.  Compare the best investing account for you