The U.S. House of Representatives passed the Inflation Reduction Act of 2022, which is the single largest climate and energy investment in history. With over $369 billion in climate, resilience, and energy investments, this bill represents a historic stride in the Biden Administration's goal to cut carbon emissions 50% from 2005 levels by 2030. 

Several key provisions within the bill's text will directly support wind energy manufacturing, construction, and transmission, including an estimated $51 billion in renewable energy production tax credits, which will support production of turbine components, $80 billion in new and extended investment tax credits to help mitigate upfront costs of clean electricity generation, and $100 million for interregional and offshore wind electricity transmission planning. In addition to these historic investments, the bill also includes a provision to lift the offshore wind leasing moratorium, which entered into effect in July of this year, allowing for more projects off of North Carolina, South Carolina, Georgia, and Florida over the next 10 years. 

These provisions are key to building and strengthening the $109 billion offshore wind industry in the United States while ensuring that communities, workers, and the environment reap maximum benefits. The Inflation Reduction Act will significantly improve American energy security while creating thousands of well-paying clean energy jobs. The Southeast is well positioned to capitalize on this opportunity due to its strong manufacturing workforce, deep water ports, and robust supply chain industry.  

This bill was made possible through years of work from environmental justice leaders, local advocates, and climate scientists, and it builds on previous commitments made by the Biden Administration to support clean energy development and dramatically reduce carbon emissions. It also creates actionable pathways toward achieving the Administration's goal of 30 gigawatts of offshore wind by 2030. 

Katharine Kollins, President of the Southeastern Wind Coalition, released the following statement regarding the lift of the offshore wind leasing moratorium: "The provision in the Inflation Reduction Act of 2022 to lift the Trump-era offshore wind leasing moratorium is key to ensuring that the Southeast can capture its share of the $109 billion offshore wind industry. The Southeast is already well poised to capitalize on industry due to projects already in the pipeline, but the lift of the offshore wind leasing moratorium creates certainty that there will be economic opportunity and industry growth for years to come." 

Kollins also added: "The Southeastern Wind Coalition continues to applaud the bipartisan support that went into the provision to lift the offshore wind leasing moratorium. Without support from Rep. Deborah Ross (D, NC-02) and Rep. David Rouzer (R, NC-07), stakeholders of North Carolina and the entire Southeast region would not have the opportunity to reap maximum economic benefits of the offshore wind industry."

Southeastern Wind Coalition | http://www.sewind.org