The US Senate has passed the Inflation Reduction Act of 2022, historic legislation that includes US$369Bn in investment to advance American clean energy programmes, including offshore wind
The bill is said to make the largest investment ever in combatting climate change and will strengthen US energy security and create jobs manufacturing wind turbines, solar panels and electric vehicles in America.
In a statement from the White House, President Biden said, “The House should pass this as soon as possible and I look forward to signing it into law.”
Business Network for Offshore Wind president and chief executive Liz Burdock said, “The Senate’s passage of the Inflation Reduction Act is a watershed moment in America’s renewable energy transition.
“This historic legislative package sends a message to the world that the US is serious about bolstering supply chain resiliency, increasing American energy security and reaching our ambitious goal to deploy 30 GW of offshore wind power by 2030.
“The bill’s US$40Bn investment in domestic clean energy manufacturing and shipbuilding is an important down payment that will unleash the vast potential of offshore wind and localize a supply chain in America, creating thousands of jobs. Today’s vote represents a momentous leap forward, but the work is not done – the House must act swiftly to send this legislation to President Biden’s desk.”
American Council on Renewable Energy president and chief executive Gregory Wetstone said, “The finish line is now clearly in sight. Senate passage of the Inflation Reduction Act is a historic step toward the clean energy future the American people want, and scientists say we desperately need.
“The legislation’s landmark investment in climate and clean energy programmes will help deploy thousands of megawatts of renewable power, create hundreds of thousands of good-paying American jobs, reduce the cost of electric power, and finally put the country on track toward achievement of our climate goals.”
American Clean Power Association chief executive Heather Zichal said the Inflation Reduction Act provides unprecedented multi-year policy certainty for clean energy.
“This is the vote heard around the world,” she said. “It puts America on a path to creating 550,000 new clean energy jobs while reducing economy-wide emissions 40% by 2030. This is a generational opportunity for clean energy after years of uncertainty and delay.
“This unprecedented investment in clean energy will supercharge America’s clean energy economy and keep the US within striking distance of our climate goals. The Act will lower consumer costs, enhance grid reliability, and strengthen the nation’s energy security. It will expand our domestic manufacturing base, inject nearly half a trillion dollars into US GDP over the next decade and create more than half a million new jobs – more than doubling today’s clean energy workforce. We must seize this moment. We urge the House to quickly pass this historic legislation and send it to President Biden’s desk for his signature.”
National Ocean Industries Association president Erik Milito issued a statement in which he said the Act promotes ‘all-of-the-above’ energy security.
“We extend our thanks to Senator Manchin for his leadership in securing an all-of-the-above energy package that boosts offshore oil and gas, offshore wind and carbon capture and storage – all key priorities for the offshore sector and for long-term American energy security,” he said. “No legislation is perfect, and the Inflation Reduction Act certainly reflects compromises, but American offshore energy is an issue of national – and global – consequence.”
