The world is moving on without us. As we sit paralyzed by debates about spending and deficit reduction in Washington, Europe and China are leading the way in the global renewable energy market. The longer we wait, the tougher it will be to compete.
One way to ensure our rightful place as leaders on the global renewable energy stage is to make a serious commitment to offshore wind development. Not only is offshore wind power a clean and limitless energy source, but because it is a new industry in the U.S., it will create hundreds of thousands of American jobs in order to manufacture all the necessary parts, install and construct the offshore wind farms, and operate and maintain the wind turbines once they have been constructed. The infusion of a new and sustainable industry in this country will inevitably lead to much-needed job creation and economic development, all while preserving and protecting the environment.
To promote the development of offshore wind, Senators Carper and Snowe recently introduced legislation that seeks to provide essential tax incentives that will spur investment and production of offshore wind energy. S.1397, the Incentivizing Offshore Wind Power Act, encourages offshore wind development by providing investment tax credits for the first 3,000 MW of offshore wind placed in service. These tax credits are limited, which keeps the costs down, but they provide much-needed stability in the offshore wind industry signaling to investors that America is committed to clean energy. Offshore wind development will not only provide clean and sustainable energy, it will also help to jumpstart our economy by creating hundreds of thousands of new jobs nationwide.
Let's make our oceans part of the solution by supporting investments in offshore wind development. I urge you to support S.1397, the Incentivizing Offshore Wind Power Act, so that America can have a clean, safe and sustainable energy future.