The Business Network for Offshore Wind says the US offshore wind industry “has begun an exciting new chapter” with the inauguration of President Joe Biden
The wind industry group said President Biden’s commitment to renewable energy “will lead to dramatic industry growth in the US.” The Network said his cabinet and senior staff appointments “reflect his dedication to tackling climate change and developing America’s renewable energy industry.
“With recent federal legislative action creating a valuable new 30% tax credit specifically for the industry, offshore wind developers and businesses will confidently invest billions of dollars in the US supply chain,” the Network said.
“This is the opportunity the offshore wind industry has waited for,” said Business Network for Offshore Wind chief executive Liz Burdock. “President Biden’s unwavering commitment to developing renewable energy will usher in a new era for the offshore wind industry. We are excited to work with the Biden administration to build the next great American industry, one that will inject at least US$166Bn into the US economy.”
The US offshore wind industry is already primed for growth thanks to state governments pushing development forward. These include New York’s recent announcement of the largest offshore wind procurement in US history, nearly 2.5 GW.
“A federal government matching the leadership shown in states will unleash the offshore wind industry, driving the development of a larger, more competitive domestic market as well as opening up export opportunities for American companies,” the Network said.
“The next four years will see at least 10 GW of generation entering construction, new vessel orders, including turbine installation vessels, and billions of dollars in port infrastructure improvements.
East coast states have already committed to procure 30 GW of offshore wind generation capacity, which is more than can be developed in existing federal offshore leases. More than a dozen offshore wind projects, totalling 11.6 GW of capacity, have already secured financial offtake and are ready for construction once they receive federal permitting approval.
“By auctioning new lease areas, advancing current projects awaiting federal approval, and streamlining the federal permitting process, the Biden Administration can ensure substantial private sector investment and consistent growth in the US supply chain,” the network concluded.
The American Clean Power (ACP) Association congratulated President Biden as he took office and also highlighted that he has convened a team of experienced leaders who share his commitment to clean energy.
Responding to the President’s decision to rejoin the Paris Climate Agreement, the ACP said, “Economic recovery and combating climate change go hand in hand. President Biden has made these critical issues some of his top priorities upon taking office.
“Climate change is a global threat that requires international collaboration to address, and ACP applauds the Biden-Harris Administration for re-asserting America’s place in the Paris Agreement. America’s clean energy industries stand ready to invest in US communities and the US workforce.”