Biden Administration Promises Significant Growth for OSW Industry

Joseph Biden was declared the 46th president-elect of the United States. His presidency, which will begin January 20, 2021, promises to usher in a renewed focus on renewable energy strategies, including the offshore wind energy industry. Under the Biden Administration, it is expected that offshore wind will experience substantial growth from projects, supply chain development, and job creation.

The U.S. offshore wind sector already has 30GW in capacity procurement commitments from East Coast states. President-elect Biden has indicated he intends to provide a level playing field with tax policies for clean energy technologies — and hopefully with a multi-year extension of tax credits for all renewables projects and complimentary standalone battery storage; and by reducing the country’s substantial fossil-fuel subsidies.

“The American electorate voted for a future that focuses on climate change solutions, reengages on the international stage, and commits to addressing racial and social inequity across our nation,” said Liz Burdock, CEO of the Business Network for Offshore Wind. “The election of President-elect Joe Biden puts the offshore wind energy industry on the precipice of substantial growth with the support of an Administration that promises to put significant focus back on renewable energy, offshore wind among the beneficiaries.”?

The Biden Climate Plan sets goals and highlights several offshore wind opportunity areas. Some of the top proposed actions and opportunity for offshore wind could include: 

•  Reengagement with the international community by rejoining the Paris Climate Agreement 
• A Clean Energy Revolution, which promises a 100 percent clean energy economy with net-zero emissions by 2050. In 2035 the U.S. energy mix is to be 100 percent clean  compared to its current 38 percent. 

• Investment in clean energy. The Biden Plan  will seek to cut all fossil fuel subsidies and redirect investment to clean energy infrastructure.  
• New fuel economy standards to ensure that 100 percent of new sales for light- and medium-duty vehicles are electrified. In 2030, more than 500,000 new public charging outlets will be in place and Biden will restore the full electric vehicle tax credit to incentivize the purchase of such vehicles.  
• The Biden Climate Plan proposes an Advanced Research Projects Agency for Climate (ARPA-C), which will focus on strategies including using renewables to produce carbon-free hydrogen; CCUS of exhaust from power plants; and decarbonization of the steel, concrete and chemicals production.