Incentives for Offshore Wind Development Fail in Senate
Press Release Date: March 13, 2012
Location: Washington D.C.
Today, the Senate took a huge step backward, choking offshore wind development and clean energy by voting down an amendment to the transportation reauthorization bill, offered by Senator Debbie Stabenow, which would have extended the Investment Tax Credit (ITC) for offshore wind. Under current law, the ITC for offshore wind expires at the end of 2012. This prevents any benefits to stimulate offshore wind as the industry is only now beginning to secure financing and no projects will be eligible for the incentive prior to its deadline. Senator Stabenow’s amendment would have extended the ITC for offshore wind to 2014, giving this job-creating industry the time it needs to secure necessary financing. Oceana, the largest international advocacy group working solely to protect the world’s oceans, released the following statement from senior campaign director, Jacqueline Savitz:
“The U.S. needs to make a speedy transition from fossil fuels to clean energy, which will create jobs, stimulate the economy and move us toward energy independence while also limiting the impacts of climate change and ocean acidification. Many countries are far ahead of us on offshore wind, and the Investment Tax Credit is essential to encourage continued growth which will help our offshore wind industry catch up. Rather than jump-starting this important energy source, today’s vote will instead choke the industry, slowing its development and delaying the many benefits it can provide.”