Senators Ed Markey and Sheldon Whitehouse along with Congressman Jim Langevin are leading an effort to extend tax credits that would help drive development of offshore wind in the US.
The Offshore Wind Incentives for New Development (WIND) Act would extend the 30% Investment Tax Credit (ITC) for offshore wind through 2025.
The politicians highlighted the fact that a Department of Energy study found that the US could install 22 GW of offshore wind projects by 2030 and 86 GW by 2050, creating tens of thousands of jobs in coastal communities along the Atlantic Coast.
“Offshore wind has the potential to change the game on climate change,” said Senator Markey. “Offshore wind projects are a crucial part of America’s clean energy future, creating tens of thousands of jobs up and down the East Coast and reducing carbon pollution. In order to harness this potential, we need to provide this burgeoning industry the long-term certainty in the tax code that it needs. Our bill will extend the tax credit to support offshore wind developments across the country.”
Other Senators co-sponsoring the legislation include Jack Reed and presidential hopefuls Elizabeth Warren and Cory Booker.
American Wind Energy Association AWEA) chief executive Tom Kiernan said, “Without Congressional action, the federal Investment Tax Credit for offshore wind is set to phase out this year, just as the first wave of large-scale offshore wind projects prepare to begin construction.
“At this critical moment for the US energy industry, policy stability is more important than ever. We appreciate and strongly support proposals that would extend the Investment Tax Credit for offshore wind, jumpstarting the projected US$70Bn build-out of America's offshore wind infrastructure, delivering large amounts of reliable, homegrown clean energy and tens of thousands of jobs to the US economy.”
Other groups supporting the legislation include Sierra Club, Union of Concerned Scientists, Mass Audubon, Natural Resources Defense Council, Oceana, and AWEA.