$369bn allocated for clean-energy programs in the US

The Inflation Reduction Act passed by the US Senate includes $369bn in investments to advance America’s clean-energy programs, including offshore wind development and projects to reduce emissions at the country’s maritime ports.

Three billion dollars have been earmarked over a five-year period for port electrification. The funds cannot be used to automate container terminals.

The American Association of Port Authorities said the grant program “will signal to equipment manufacturers and private investors that this electrification technology at ports will be ubiquitous in the coming years.”

The bill includes $40bn to accelerate clean-energy manufacturing. It extends an investment tax credit of 30% for offshore wind that was set to expire in 2025 and overrides President Trump’s 2020 executive order banning offshore development in the southern Atlantic Ocean for 10 years.

The bill will go to the House of Representatives, which is expected to quickly pass it, then on to President Biden to sign it into law.