Pascrell, King Introduce Offshore Wind Power Act
Bipartisan climate legislation will reduce reliance on dirtier energy sources, bolster offshore wind industry
Washington, D.C., October 30, 2019
Tags: Energy & the Environment
This week, U.S. Reps. Bill Pascrell, Jr. (D-NJ-09) and Peter T. King (R-NY-02) introduced in the House the Offshore Wind Power Act of 2019 (H.R. 4887). Currently, the federal wind production tax credits (PTC) and investment tax credits (ITC) programs are set to expire next year. With only one offshore wind project producing electricity in the U.S. and many in development, Reps. Pascrell and King’s legislation would extend the wind ITC for those projects and others, and help continue the vital growth of the offshore wind industry in the United States.
“This game-changing legislation will help spur economic growth, provide more affordable electricity for consumers, and combat the global crisis of climate change, all in one,” said Rep. Pascrell, a co-sponsor of the landmark Green New Deal. “The burgeoning offshore wind industry is a prime example of American leadership on the world stage, but it needs our help in Congress. Extending these critical tax credits will allow the industry to continue to grow while offering immediate benefits to the American consumer. The potential for this industry is tremendous, and I am committed to working with my colleagues in a bipartisan and bicameral manner to see this legislation passed into law. New Jersey is leading the way in our union to expand clean energy and measures like this will help Congress catch up on the federal level. Because at the end of the day, protecting our planet for our children and grandchildren must be our mission.
“Extending these credits will continue to make energy more affordable while further decreasing our annual carbon emissions. We must continue to push for alternative methods, like wind production tax credits, to produce clean energy,” said Rep. King.
“The development of the offshore wind industry is critical to New Jersey and other states transitioning to 100% clean energy,” said New Jersey Governor Phil Murphy. “With a potential of up to $70 billion in revenues in the offshore wind supply chain and tens of thousands of new jobs, it is vital to ensure that these projects have the resources to move forward. Through Congressman Pascrell’s leadership, the growth of offshore wind in New Jersey will expand our economy, help us reach our clean energy goals, and create quality jobs for New Jerseyans.”
“Offshore wind has great potential to provide our communities with the clean energy and good, family-supporting jobs that we need,” said Matthew Davis, Legislative Director of the League of Conservation Voters. “Passing clean energy tax incentives is our big chance this year to advance climate solutions and move us towards 100% clean economy and net zero emissions by 2050.”
“Our economy and our environment have enormous potential to benefit from offshore wind energy, and this legislation would enable us to more quickly and affordably seize that incredible opportunity,” said Matt Bearzotti, Deputy Legislative Director, Sierra Club. “Offshore wind is critical piece of the clean energy pie, and tax incentives are a key way to scale the industry up so that it benefits working people and coastal communities across the nation."
“We applaud Representatives Bill Pascrell Jr. and Peter King for championing the bipartisan Incentivizing Offshore Wind Power Act in the House. We’re at a critical juncture with the U.S. offshore wind industry prepared to scale up and put more steel in the water. Stable, pro-investment policy will ensure we realize offshore wind’s unrivaled potential to expand homegrown clean energy, grow well-paying American jobs, and build a domestic supply chain worth nearly $70 billion to the U.S. economy,” said Tom Kiernan, CEO, American Wind Energy Association. “There’s real momentum to extend an Investment Tax Credit for offshore wind during this Congress and we’re working with a bipartisan group of leaders in addition to Reps. Pascrell and King, including Senators Carper, Collins, Markey, Whitehouse, and Representative Langevin to get this offshore clean energy boom started.”
“The bipartisan support for offshore wind energy demonstrated by this critical legislation is exactly what we need in order to help speed our transition to a clean energy future for the benefit of people and wildlife alike,” said Catherine Bowes, Offshore Wind Energy Program Director at the National Wildlife Federation. “We applaud Rep. Bill Pascrell and Rep. Peter King for recognizing the immense economic and environmental benefits offshore wind can deliver. Investments like those created through the Incentivizing Offshore Wind Power Act help this critically needed climate solution compete on a more even playing field with heavily subsidized fossil fuels. Responsibly developed offshore wind power is an abundant and nearly untapped opportunity to help us rise to the pressing climate and energy challenges of our time.”
“Wind power is a powerful, plentiful zero-carbon resource, and offshore wind technology is emerging as an essential tool in the toolbox for fighting climate change,” said Robert Cowin, Director of Government Affairs, Climate and Energy, Union of Concerned Scientists. “But offshore wind, despite steadily falling costs, is still undervalued in the market relative to the large quantities of electricity it can generate without producing heat-trapping emissions. The Incentivizing Offshore Wind Power Act helps address this market failure by extending the investment tax credit for offshore wind through 2027. This legislation will give the nascent U.S. offshore wind industry the support it needs to thrive, embracing the economic potential and accelerating the nation’s transition to a clean energy economy,”
“The IEA just reported that offshore wind is going to have to double worldwide in order to keep pace with global climate goals, and the U.S. is already behind the eight ball on offshore wind deployment,” said Gregory Wetstone, President and CEO, American Council on Renewable Energy. “By providing an offshore wind investment tax credit to early projects that begin construction by 2027, the Incentivizing Offshore Wind Power Act can help jumpstart this emerging industry so Americans can benefit from all the pollution-free power and good-paying jobs it will provide.”
Rep. Pascrell has introduced a version of this legislation in every Congress since 2009. Companion legislation, S. 1988, has been introduced in the Senate by Sen. Tom Carper (D-DE) and Susan Collins (R-ME).
Rep. Pascrell’s efforts to protect our environment and combat climate change stem from his mission to leave a better world for future generations. From working with federal officials to clean up Berry’s Creek, to sweeping federal efforts like the Green New Deal, Pascrell continues to work with his colleagues in every level of government to combat climate change head-on and preserve our cherished natural resources. Additionally, in March 2019, Rep. Pascrell led a letter to Commerce Secretary Wilbur Ross calling on him to initiate an investigation into the threat of carbon pollution pursuant to his authority under Section 232 of the Trade Expansion Act of 1962.