In the first serious fallout from President Donald Trump's early actions against offshore wind power, oil and gas giant Shell is walking away from a major project off the coast of New Jersey. Shell told The Associated Press it is writing off the project,

Shell has withdrawn from New Jersey’s first offshore wind farm, Atlantic Shores — marking the latest hit to the state’s clean energy plans. Spokespeople told NJ Advance Media on Thursday that the developer remained committed to the project.

Shell Plc said it has written off almost $1 billion and withdrawn from a US offshore wind farm as President Donald Trump seeks to stymie the industry’s development with executive orders.

The announcement clouds the future of the Atlantic Shores Offshore Wind venture, a punching bag for President Donald Trump.

Plc announced its withdrawal from the Atlantic Shores offshore wind farm project in the US, resulting in a write-off of nearly $1 billion. The decision was disclosed in the company's quarterly earnings report on Thursday,