The Cape Wind project was approved by the United States government, but later lost crucial contracts, thus leading to both legislative and licensing setbacks. In Nantucket Sound, the major economic activity is tourism as it has beautiful beaches. Moreover, most individuals are also engaged in fishing as a way of generating income. The monetary cost of the project was huge and it was estimated to cost $2.5 billion.
The project had a positive impact towards the environment as it would offset combustion of petroleum. In addition, the project was set up to decrease the amount of oil that was to be shipped. The project had to undergo various regulatory processes such as approval from the regulatory authority. Notably, approvals had to be obtained so as to carry out the project and were majorly from the federal and the state levels. After the approvals, agreements had to be put in place on the mode of purchase.
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The project experienced controversy due to the proposed location as it was viewed as obstructing the scenery; therefore, many investors argued that it would lead to the decline of property value. Particularly, the project faced stiff opposition from oil and gas consumers while its supporters viewed it as environment friendly. It is noteworthy that environmentalists have always proposed that renewable energy should be explored further to save the environment from destruction. As such, renewable energies such as nuclear power, wind, water, and hydroelectric power are commonly used to avoid pollution and global warming.
Over the years, wind power has become one of the most cost-competitive and favourable renewable energy; therefore, having an offshore wind power and the Cape Cod would help in minimizing the amount of money the federal government is using in generating other forms of energy. Overall, the Cape Wind project will lead to unemployment since most tourist destinations and fishing grounds will be occupied, thus should not be allowed.
