House of Representatives and Senator Lisa Murkowski introduced companion Legislation in the United States Senate.The legislation is an important step in the continued development of marine and hydrokinetic energy resources.
The Ocean Renewable Energy Coalition (OREC) supports the legislation introduced in the House of Representatives and U.S. Senate. We believe that in order to capture the energy, economic, and environmental benefits of utilizing our vast marine-based renewable resources, it will require additional federal support for research and development, along with much needed environmental studies and tax treatment on par with other renewable technologies, said Sean ONeill, ORECs President. This legislation moves our nation closer to a clean energy future.
The Act will authorize $250 million for marine renewable Research, Development, Demonstration & Deployment (RDD&D), a Device Verification Program, and an Adaptive Management Program to fund environmental studies associated with installed ocean renewable energy projects.
Other countries have provided far more funding and incentives than the U.S. to support ocean renewable energy development, said Mr. ONeill. Consequently, the federal government needs to enhance our competitive position and provide significant funding to support RDD&D and critical environmental studies.
As Congress moves forward with the proposed legislation, the Ocean Renewable Energy Coalition will continue to work closely with its supporters in the House and Senate to secure passage of the Marine Renewable Energy Act and lobby for additional funding for marine renewable technologies.