If you’ve been paying attention to news out of the nation’s capital, it would seem that there’s little to be encouraged about. But what you might not have heard is the genuinely good news that emerged when the dust settled on the so-called “fiscal cliff” deal just after the New Year. Thanks to tireless campaigning by Oceana, an unheralded bit of legislation, crucial to the future of the country’s clean renewable energy future, was passed by Congress.
On December 31st the Investment Tax Credit, or ITC, expired. The tax credit is essential to attracting investment in the country’s promising offshore wind industry. Had it not been renewed, it would have dealt a devastating blow to an industry that is just getting off its feet here in the United States (though it is well established overseas). While subsidies for the oil and gas industry are permanent features of the U.S. tax code, the future of the wind industry truly hung in the balance as Congress looked to forge an economic deal.
Thankfully, our elected representatives recognized the crippling consequences of inaction and included the ITC in the contentious deal to avert the fiscal cliff.
If we gave up on our burgeoning offshore wind industry, what exactly would we be giving up on? Well, an economic analysis prepared for the Department of Energy found that by 2030 the domestic offshore wind industry could create 200,000 jobs, bring in over $70 billion in annual investments and create 4,000 gigawatts of clean power, enough to power the entire United States four times over.
And wind energy is good for the ocean. While the Department of the Interior mulls a proposal to test for oil and gas in the Atlantic Ocean with seismic airguns that threaten tens of thousands of marine mammals, and as Shell continues to demonstrate the dangers of offshore drilling in ever more remote and hazardous locales, the need for developing our clean energy industry has never been clearer.
Thanks to Oceana, wind companies that had begun to scale back and even lay off workers in the face of fiscal and political uncertainty are hiring again. In the midst of a still sputtering economy, the renewal of the ITC means more manufacturing jobs and revitalized port industries.
But most importantly, it signals that the United States is serious about developing the untapped wealth of clean, renewable wind energy off its shores. Thanks to the work of our advocates and the wisdom of our representatives, a new wind blows in the country’s energy landscape.
Andy Sharpless is the CEO of Oceana