The US passed the Inflation Reduction Act, which includes $369bn in investments to promote clean-energy programs, such as offshore wind development and projects to reduce emissions at maritime ports.
In fact, the Act has pledged three billion dollars over a five-year period for port electrification. In addition, $40bn are also included to accelerate clean-energy manufacturing.
What is more, the Act extends an investment tax credit of 30% for offshore wind that was set to expire in 2025 and overrides President Trump’s 2020 executive order banning offshore development in the southern Atlantic Ocean for 10 years.
Commenting on the development, the American Association of Port Authorities said the grant program:
Will signal to equipment manufacturers and private investors that this electrification technology at ports will be ubiquitous in the coming years
What is more, according to Liz Burdock, President and CEO of the Business Network for Offshore Wind, “the bill’s $40 billion investment in domestic clean energy manufacturing and shipbuilding is an important down payment that will unleash the vast potential of offshore wind and localise a supply chain on American shores creating thousands of good-paying jobs.”
The bill will now go to the House of Representatives, which is expected to pass it, then on to President Biden to sign it into law.
