Planning delays have slowed deployment of offshore wind
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
14 January 2025
Bioenergy will be a key part of the energy transition as the world decarbonises, and Brazil is set to be a major player in the sector
14 January 2025
The region has ample resources of both gas and renewable energy and developing both will be vital to the global effort to reduce emissions
13 January 2025
The region’s fast-growing economies stand at a pivotal juncture, with the opportunity to drive a sustainable growth strategy that will keep the world’s net-zero ambitions alive
10 January 2025
Global energy demand keeps rising, and digital technology will play a crucial role in both meeting that demand and doing so in a sustainable way
