WASHINGTON – Today, the Department of the Treasury made public final regulations securing the availability of tax credits for all new clean energy development. These “tech neutral tax credits,” which are integral parts of the Inflation Reduction Act of 2022 (IRA) but were not encoded into regulations until now, will be available effective as of January 15, 2025, allowing new clean energy projects to access funds just before the change in administration later this month. Ocean Conservancy’s Senior Director of Climate Policy Anna-Marie Laura issued the following statement:

“The finalization of the tech neutral tax credits could change the pace and makeup of America’s clean energy transition and unleash the power – literally – of clean, ocean-based energy sources like offshore wind, wave and tidal energy. The tech neutral tax credits are a foundational piece of the IRA and provide the certainty and incentive developers have been waiting for to advance offshore renewable energy. These tax credits help level the playing field for renewable energy in a market where oil and gas has enjoyed over a century of subsidies. Making these effective immediately is what our country and the whole planet need to transition away from dirty oil and gas to renewable energy for a clean, healthy future. 

“This rule will catalyze America’s offshore wind industry and the jobs, manufacturing, and energy security that come with it. By our estimates, more than half of the offshore wind capacity approved so far need these credits to start construction. This rule makes it possible for these and other new projects to access the tax credits they need to move forward in 2025 and beyond.

“We are optimistic that we can meet our economy’s growing energy demands with clean electricity produced here in the U.S. that helps the ocean, wildlife, and people.”

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About Ocean Conservancy
Ocean Conservancy envisions a healthier ocean, protected by a more just world. Ocean Conservancy is working to protect the ocean from today’s greatest global challenges. Together with our partners, we create evidence-based solutions for a healthy ocean and the wildlife and communities that depend on it. For more information, visit oceanconservancy.org, or follow us on Facebook, X (formerly Twitter) or Instagram.