The Daily Signal By Nick Pope
President Joe Biden touted offshore wind’s “progress” on his watch on Thursday despite the fact that the industry has struggled considerably with elevated inflation and interest rates.
Biden released an official statement Thursday celebrating his administration’s 10th approval of an offshore wind development and touting signature policies that have incentivized developers to build new projects.
However, Biden neglected to mention that the industry writ large has been plagued by high inflation, elevated interest rates, logistical snares, and supply chain snags, all of which have combined to help force developers to postpone or cancel projects or attempt to renegotiate key contracts.
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“When I came into office, the United States had zero approved offshore wind projects in federal waters, and the industry was struggling to gain a foothold,” Biden’s statement reads. “But now, following my Administration’s investments in our clean energy future, the private sector has mobilized and the federal government has approved ten offshore wind projects—enough to power more than five million homes and equivalent to half of the capacity needed to achieve our goal of 30 gigawatts of offshore wind by 2030.”
'We've Been Steamrolled': Fishermen Protest Offshore Wind Following Turbine Failure That Shed Debris Into Atlantic https://t.co/njXmRhUEfZ
— Daily Caller (@DailyCaller) August 28, 2024
“From manufacturing and shipbuilding to port operations and construction, this industry will support tens of thousands of good-paying and union jobs, provide reliable clean power to homes and businesses, strengthen our power grid against outages, and help reduce pollution—all while protecting biodiversity and marine ecosystems,” the president’s statement continues. “We will continue to partner with industry, Tribes, ocean users, and other stakeholders to support supply chains that are Made in America, incentivize union-built projects, and continue seizing opportunities for additional clean energy technologies.”
The Biden administration has opened up billions of taxpayer dollars to subsidize the industry in pursuit of its 2030 goal for the offshore wind industry, with the Inflation Reduction Act—Biden’s signature climate bill—providing lucrative tax credit subsidies to qualifying developers…
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