The changing project of finance

The last few months have seen a slew of infrastructure projects in the US, but not all of them are the major developments the country has hoped for. In fact, one of the biggest infrastructure projects at the moment is the clean-up of America's biggest environmental disaster in the last few decades.

The Gulf of Mexico oil spill clean-up

Over three weeks of 5000 barrels of crude spilling into the Gulf of Mexico has taken its toll, both environmentally and economically. At the time of writing, efforts to stem the leak by siphoning oil to the surface were underway, but the leak was still not permanently sealed, after two failed attempts to seal the leak with domes.

With the disaster, at its peak, being described as an “Exxon Valdez every four days”, pressure is on both BP and Transocean to clean up the spill. The US government has also stated that “it will not rest” until the “communities and natural resources of the Gulf Coast are restored and made whole.”

It has been estimated that over 600 species of wildlife are at threat from the spill, with the Gulf coast also being home to 25 percent of America's wetlands and several wildlife reserves.

Over 100 ships have been mobilised to skim oil from the ocean's surface, but it may not be enough. Initial estimates predict that it could cost an astounding $23 billion to clean up the spill.

High-speed rail

The dream of high-speed rail has seen peaks and troughs over the last few months, but currently its future appears to be in limbo. Despite the success of high-speed rail projects around the world and over $9 billion being invested in to the system in the US, there is concern that due to the extent of the federal deficit, plans may be scrapped or put on hold.

In January, high-speed rail supporters won a major victory when it was announced that assorted projects would see $8 billion from the Obama infrastructure stimulus bill, however not there is the growing realisation that perhaps the country cannot afford an infrastructure program that could cost between $22 million and $132 million a mile.

Cape Wind - US's first offshore wind farm

The Obama administration has shown its commitment to renewable energy approving the country's first offshore wind farm. The Cape Wind farm will be situated five miles of the Massachusetts coast and will be capable of producing enough electricity to power 400,000 houses.

The project is expected to cost $800 million and will be built by Cape Wind Associates, a private developer. It should create 1000 construction jobs and produce the same amount of energy as a medium-sized coal-fired power plant.

Despite its clear green credentials, the project has faced criticism from many groups. Locals have said the turbines will damage the tourist industry in the area and around Nantucket. However supporters feel in could be a big step in America's wind energy future, possibly securing
similar wind projects proposed for the East Coast and the Great Lakes.

Over the past year, US wind generation has increased by 27 percent.

Governors Island park redevelopment

Once it was merely 172-acres of decaying Coast Guard structures and the oldest US military base in the country, but after being sold for $1 in 2003 to the city and state of New York, Governors Island is to be redesigned into a massive urban park.

The design, picked by the city, will see a “hybrid of landscape and architecture based around a sinuous set of new paths, watercourses, restaurants, aquaria and even complimentary wooden bicycles.”

It will also feature a Marine Exploration Center (complete with coastal plant greenhouse, marine life tank and vertical reef) at the north end of the island overlooking the Statue of Liberty, while the rest of the island will be a “vertical landscape” of man-made mountains that will incorporate recreational, cultural, and educational functions.

Designed by Dutch firm West 8 in partnership with Rogers Marvel Architects, Diller, Scofidio + Renfro, SMWM and Urban Design+, the city has committed $41.5 million to the first phase of the development and construction has been penciled in to begin in 2012.

The entire project is expected to cost $220 million.

One World Trade Centre

Almost a decade in the planning, construction is over four years in. Expected to be completed in 2013, One World Trade Centre (formerly known as The Freedom Tower) will be the tallest building in the United States.

In March, 1 WTC reached over 200 feet above street level with construction beginning on the first office floor. The month after, plans for the 45-degree octagon were installed to give the building its unique 40 degree angle shape.

By the end of the year, the building should reach 55 stories. It is estimated that work is progressing at the rate of one floor per week.


$452 “Retrofit Ramp Up” program

As part of President Obama's environmental policy, the 'Retrofit Ramp Up' scheme will see the White House give $452 million worth of eco-retrofits for homes in 25 communities across the country.

As well as creating greater energy efficiency in US homes, it is hoped the project will create more 'green collar' jobs, save millions in utility bills and help America cut emissions.

Currently, 50 percent of carbon emissions come from buildings - not just in how they are constructed, but how they are run. By potentially refitting every home in the US (100 million homes) with measures such as insulation and recycling waste water, the country could potentially save $21 billion a year in energy.