US takes on offshore permitting bottleneck
Funding boost for Bureau of Ocean Energy Management aimed at speeding up leasing and permitting of proposed projects
The recently passed Inflation Reduction Act (IRA) will boost the economics of US offshore wind projects, but streamlining the permitting process will be key if the country is to reach its goal of 30GW installed capacity by 2030. The act includes a 30pc investment tax credit (ITC) for offshore wind projects that begin construction before the start of 2026. It also reintroduces a ten-year production tax credit (PTC) of up to $15/MWh, according to law firm White & Case. Projects must fulfil a requirement to pay prevailing wages and to ensure a certain percentage of work be completed by qualified apprentices. Projects that fulfil domestic content requirements would be eligible for an extra
Also in this section
26 March 2024
Country has Europe’s largest CO₂ storage potential but regulatory and policy issues must be resolved to enable growth, says Offshore Energies UK
26 March 2024
Largest investment to date will support emission reduction projects across multiple sectors including refining, steel and cement
19 March 2024
Commodity trading companies are set for a key role in shaping green supply chains and providing carbon market liquidity
15 March 2024
Oil major explores potential expansion of Canadian project as investment in CCS gathers pace