Bill is latest in larger national strategy to help U.S. manufacturers and supply chain companies compete on global stage
For Immediate Release: August 16, 2022
BALTIMORE — Moments ago, President Biden signed the historic Inflation Reduction Act (IRA) into law. The Oceantic Network celebrates passage of this significant legislation, which will be remembered as the powerful catalyst that unleashed the domestic offshore wind manufacturing sector and built a robust supply chain capable of competing on the fast-growing global stage.
To reach the Biden-Harris Administration’s goal to deploy 30 gigawatts (GW) of offshore wind energy by 2030, the U.S. offshore wind industry must build new factories to manufacture thousands of turbine components, 2,100 foundations and 6,800 miles of cables, and upgrade shipyards to construct nearly a hundred new vessels. Over the past year, Congress and the Biden-Harris administration have passed the IRA and the Infrastructure Investment and Jobs Act (IIJA), which target investment into new manufacturing centers and port upgrades, begin the transformation of the national electric grid, and bring new confidence to the U.S. market, allowing the industry to meet the 30 GW goal and transforming the U.S. into a global center for offshore wind.
The following statement can be attributed to Liz Burdock, president and CEO of Oceantic Network.
“The world is fully embracing offshore wind and racing ahead to deploy 260 GW by 2030; the IRA is the policy certainty required to build a U.S. offshore wind industry ready to compete in and win the race in global offshore wind development.
“One year ago, Oceantic Network, the only non-profit dedicated solely to growing the U.S. offshore wind industry and its supply chain, called for a National Offshore Wind Industrial Strategy that would accelerate supply chain development required to meet the national goal of 30 GW by 2030 and transform the U.S. into an internationally competitive player. At its core, the strategy pairs greater market certainty with targeted investments in manufacturing, shipbuilding, port development, and transmission. The IRA and the Infrastructure Investment and Jobs Act (IIJA) advances many of these policy recommendations, complementing efforts by the Biden-Harris administration to support the offshore wind industry.
“Together, the IRA and the IIJA will lure investment away from expanding Asian and European markets and unlock a U.S. domestic supply chain capable of sustaining a 110 GW plus U.S. offshore wind market and maximizing economic development.
“We applaud Congress and the Biden-Harris administration for taking bold action to increase clean energy production at home and making the United States more competitive on the global stage, creating tens of thousands of well-paying jobs in the process.”
- Network Report: Advancing Policy Measures to Drive Development of the Domestic Offshore Supply Chain
Oceantic Network is the largest non-profit organization dedicated solely to building a robust offshore wind supply chain and expanding adoption of offshore wind energy. It advances the industry through collaboration, education, and innovation, including the International Partnering Forum (IPF), the leading offshore wind conference in the Americas, and the OSW Market Dashboard. Learn more at Oceantic.org.