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Republicans have released draft legislation that would end renewable energy subsidies, sparking outrage among the industry. US President Donald Trump is attempting to roll back key provisions of the Inflation Reduction Act (IRA), which was designed to bolster domestic manufacturing, develop a competitive, local supply chain, and establish inter-regional transmission planning for offshore wind energy. Congressional lawmakers on the House Ways and Means Committee yesterday released draft legislation that would end renewable energy subsidies. The bill would wind down tax credits for most renewable energy investment and production by 2031 and would also restrict the availability of tax credits to foreign organisations. Senior vice president of marketing and communications at Oceantic Network Stephanie Francoeur condemned the draft bill. She said: “Dismantling clean energy and manufacturing tax credits only worsens our national energy crisis and will directly harm Americans by increasing energy bills, stifling investment, slowing energy development, and killing good-paying jobs across the United States. “Offshore wind is making America more secure by delivering reliable and affordable power and revitalising industries critical to national defence like steel production and shipbuilding. “Instead of advancing the administration’s priorities, the proposed reconciliation package stalls project development underwritten by a 40-state supply chain while explicitly targeting critical manufacturing tax credits, threatening billions of dollars of investments in the Midwest, Mid-Atlantic, and American South. “As demand for energy surges, offshore wind is a ‘shovel-ready’ industry that can bring up to 10GW of energy onto the grid before the next decade. “If adopted, these provisions threaten to delay projects and deny ratepayers affordable and reliable electricity, compounding the economic pain Americans are already feeling from the rising cost of essentials.” The American Council on Renewable Energy (ACORE) has also criticised the draft bill from the House Ways and Means Committee. ACORE president and chief executive Ray Long said: “Energy dominance means a secure, affordable, reliable energy supply that serves as the basis for our national security, technological leadership, and economic prosperity. Achieving this is a bipartisan goal. “The House Ways and Means Committee bill, if passed, would hamper these goals. “The US needs to build the equivalent of adding 12 New York Cities of new power by 2030 to remain competitive with China in the global AI race. “Thanks to American innovation and a diverse mix of energy technologies, we’re on track to meet the coming demand.” He added that ACORE’s latest report, “Tax Stability for Energy Dominance”, shows that current tax policies have created a stable market environment that unleashed $115 billion in new clean energy generation, supported over 3.5 million jobs, and powered a record 170 million homes in 2024. “Maintaining certainty around the existing tax policies will lower energy costs, quickly scale the build-out of reliable electricity, and enable of the use of all technologies so we aren’t vulnerable to relying on any one form of generation or its underlying fuel source,” he said. “Maintaining the policy structure that has enabled this growth in investment, manufacturing, jobs, and consumer savings will ensure US dominance over our competitors. “We are committed to working with Congress and the Trump administration to deliver affordable, reliable, and abundant power to American households and businesses. “Only by partnering with the entire energy industry will policymakers drive economic growth, create jobs, and secure our nation’s energy future.” |
