{"id":32216,"date":"2022-08-23T10:34:11","date_gmt":"2022-08-23T09:34:11","guid":{"rendered":"https:\/\/abl-group.com\/abl\/?p=32216"},"modified":"2022-08-23T10:34:12","modified_gmt":"2022-08-23T09:34:12","slug":"inflation-reduction-act-of-2022-is-a-big-deal-for-u-s-offshore-wind","status":"publish","type":"post","link":"https:\/\/abl-group.com\/abl\/all-media\/blog\/inflation-reduction-act-of-2022-is-a-big-deal-for-u-s-offshore-wind\/","title":{"rendered":"Inflation Reduction Act of 2022 is a Big Deal for U.S. Offshore Wind"},"content":{"rendered":"\n<p><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/08\/19\/fact-sheet-the-inflation-reduction-act-supports-workers-and-families\/\" target=\"_blank\" rel=\"noreferrer noopener\">The Inflation Reduction Act of 2022<\/a> (IRA) was signed into law by President Biden on August 16<sup>th<\/sup>, 2022. It is one of the most comprehensive renewable energy laws to-date, and it is poised to have a significant impact on the U.S. offshore wind industry. Included in this bill is $386 billion in funding to reduce greenhouse gas emissions and invest in clean energy.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"431\" src=\"https:\/\/abl-group.com\/abl\/wp-content\/uploads\/2022\/08\/US-Wind-AdobeStock_376229935-1024x431-1.jpg\" alt=\"\" class=\"wp-image-32222\" srcset=\"https:\/\/abl-group.com\/abl\/wp-content\/uploads\/2022\/08\/US-Wind-AdobeStock_376229935-1024x431-1.jpg 1024w, https:\/\/abl-group.com\/abl\/wp-content\/uploads\/2022\/08\/US-Wind-AdobeStock_376229935-1024x431-1-300x126.jpg 300w, https:\/\/abl-group.com\/abl\/wp-content\/uploads\/2022\/08\/US-Wind-AdobeStock_376229935-1024x431-1-768x323.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Why is this a big deal for offshore wind in the United States?<\/strong><\/p>\n\n\n\n<p>Firstly, the U.S sorely lacks the domestic supply chain to deliver on the federal offshore wind target of 30 GW by 2030. The global supply chain will also likely be constrained in key areas, ranging from offshore wind components to construction and installation vessels.&nbsp;<\/p>\n\n\n\n<p>The IRA importantly provides several tax credits for offshore wind manufacturing and infrastructure \u2013 most of which must be developed in the U.S. to build out its domestic offshore wind ambitions. These include:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>$100 million for offshore wind transmission planning<\/li><li>A new advanced manufacturing tax credit implemented for offshore wind components<\/li><li>An extension of the investment tax credit for vessel construction and offshore wind manufacturing facilities that produce components such as blades, nacelles, towers, fixed and floating foundations<\/li><\/ul>\n\n\n\n<p>Secondly, the IRA also allows for more areas to develop offshore wind in the U.S.:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Lifts the previous ban on offshore wind development in the Southern Atlantic and Eastern Gulf of Mexico<\/li><li>Allows for the development of offshore wind off U.S. territories<\/li><\/ul>\n\n\n\n<p>Finally, the bill includes reform for more efficient planning, permitting, and execution of offshore wind through:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Increased funding for BOEM and NOAA staffing<\/li><li>An agreement to pass comprehensive permitting reform legislation, which will expedite the permitting on major projects<\/li><li>A requirement that an offshore oil and gas leasing sale must occur in the previous year for an offshore wind lease to be finalized<\/li><\/ul>\n\n\n\n<p>The IRA bill effectively supports some of the key areas that will set the foundations for offshore wind realization in the United States. All-in-all, it\u2019s a big deal for U.S. offshore wind. \u00a0\u00a0\u00a0\u00a0<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\" style=\"grid-template-columns:15% auto\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"800\" src=\"https:\/\/abl-group.com\/abl\/wp-content\/uploads\/2022\/08\/Craig-Brown.jpg\" alt=\"\" class=\"wp-image-32218 size-full\" srcset=\"https:\/\/abl-group.com\/abl\/wp-content\/uploads\/2022\/08\/Craig-Brown.jpg 800w, https:\/\/abl-group.com\/abl\/wp-content\/uploads\/2022\/08\/Craig-Brown-300x300.jpg 300w, https:\/\/abl-group.com\/abl\/wp-content\/uploads\/2022\/08\/Craig-Brown-150x150.jpg 150w, https:\/\/abl-group.com\/abl\/wp-content\/uploads\/2022\/08\/Craig-Brown-768x768.jpg 768w, https:\/\/abl-group.com\/abl\/wp-content\/uploads\/2022\/08\/Craig-Brown-600x600.jpg 600w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p><strong>Craig Brown<\/strong><\/p>\n\n\n\n<p>Principal Consultant, Market Studies, OWC<\/p>\n<\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\" style=\"grid-template-columns:15% auto\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"1024\" src=\"https:\/\/abl-group.com\/abl\/wp-content\/uploads\/2022\/08\/SM-headshot-BW-768x1024.jpg\" alt=\"\" class=\"wp-image-32217 size-full\" srcset=\"https:\/\/abl-group.com\/abl\/wp-content\/uploads\/2022\/08\/SM-headshot-BW-768x1024.jpg 768w, https:\/\/abl-group.com\/abl\/wp-content\/uploads\/2022\/08\/SM-headshot-BW-225x300.jpg 225w, https:\/\/abl-group.com\/abl\/wp-content\/uploads\/2022\/08\/SM-headshot-BW-1152x1536.jpg 1152w, https:\/\/abl-group.com\/abl\/wp-content\/uploads\/2022\/08\/SM-headshot-BW-1536x2048.jpg 1536w, https:\/\/abl-group.com\/abl\/wp-content\/uploads\/2022\/08\/SM-headshot-BW-scaled.jpg 1920w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p><strong>Sean Murphy <\/strong><\/p>\n\n\n\n<p>Principal Marine Surveyor, ABL <\/p>\n<\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-limegreen-background-color has-background\" href=\"https:\/\/abl-group.com\/abl\/location\/us\/?company=0&amp;post_type=office&amp;submit=Search\" target=\"_blank\" rel=\"noreferrer noopener\">Contact ABL Group USA<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Inflation Reduction Act of 2022 (IRA) was signed into law by President Biden on August 16th, 2022. It is one of the most comprehensive renewable energy laws to-date, and it is poised to have a significant impact on the U.S. offshore wind industry. Included in this bill is $386 billion in funding to reduce [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":32219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"sector":[900,833,106],"service":[763,774,110,722,768,772,109],"company":[724,728,725],"class_list":["post-32216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","sector-energy-transition","sector-offshore-wind","sector-renewables","service-consulting-engineering","service-engineering-design","service-geotechnical-geophysical","service-owners-engineering","service-project-development-services","service-site-investigations","service-technical-due-diligence","company-abl","company-longitude","company-owc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.6 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Inflation Reduction Act of 2022 is a Big Deal for U.S. Offshore Wind - ABL<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/abl-group.com\/abl\/all-media\/blog\/inflation-reduction-act-of-2022-is-a-big-deal-for-u-s-offshore-wind\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation Reduction Act of 2022 is a Big Deal for U.S. Offshore Wind\" \/>\n<meta property=\"og:description\" content=\"The Inflation Reduction Act of 2022 (IRA) was signed into law by President Biden on August 16th, 2022. It is one of the most comprehensive renewable energy laws to-date, and it is poised to have a significant impact on the U.S. offshore wind industry. Included in this bill is $386 billion in funding to reduce [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/abl-group.com\/abl\/all-media\/blog\/inflation-reduction-act-of-2022-is-a-big-deal-for-u-s-offshore-wind\/\" \/>\n<meta property=\"og:site_name\" content=\"ABL\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-23T09:34:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-23T09:34:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/abl-group.com\/abl\/wp-content\/uploads\/2022\/08\/220823_InflationAct_Tile.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1067\" \/>\n\t<meta property=\"og:image:height\" content=\"747\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Katie Tunkina\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@george.lenox@aqualisbraemar.com\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Katie Tunkina\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/abl-group.com\\\/abl\\\/all-media\\\/blog\\\/inflation-reduction-act-of-2022-is-a-big-deal-for-u-s-offshore-wind\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/abl-group.com\\\/abl\\\/all-media\\\/blog\\\/inflation-reduction-act-of-2022-is-a-big-deal-for-u-s-offshore-wind\\\/\"},\"author\":{\"name\":\"Katie Tunkina\",\"@id\":\"https:\\\/\\\/abl-group.com\\\/abl\\\/#\\\/schema\\\/person\\\/564f5d10eb1fcb96a466fb0d06016dfd\"},\"headline\":\"Inflation Reduction Act of 2022 is a Big Deal for U.S. Offshore Wind\",\"datePublished\":\"2022-08-23T09:34:11+00:00\",\"dateModified\":\"2022-08-23T09:34:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/abl-group.com\\\/abl\\\/all-media\\\/blog\\\/inflation-reduction-act-of-2022-is-a-big-deal-for-u-s-offshore-wind\\\/\"},\"wordCount\":367,\"publisher\":{\"@id\":\"https:\\\/\\\/abl-group.com\\\/abl\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/abl-group.com\\\/abl\\\/all-media\\\/blog\\\/inflation-reduction-act-of-2022-is-a-big-deal-for-u-s-offshore-wind\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/abl-group.com\\\/abl\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/220823_InflationAct_Tile.png\",\"articleSection\":[\"Blog\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/abl-group.com\\\/abl\\\/all-media\\\/blog\\\/inflation-reduction-act-of-2022-is-a-big-deal-for-u-s-offshore-wind\\\/\",\"url\":\"https:\\\/\\\/abl-group.com\\\/abl\\\/all-media\\\/blog\\\/inflation-reduction-act-of-2022-is-a-big-deal-for-u-s-offshore-wind\\\/\",\"name\":\"Inflation Reduction Act of 2022 is a Big Deal for U.S. Offshore Wind - 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