Virginia Governor Ralph Northam said his 2020 budget will include $733 million in new funding for the environment and clean energy — including a half-billion-dollar capital investment.
The budget creates Virginia’s first Office of Offshore Wind. It also invests up to $40 million to upgrade the Portsmouth Marine Terminal, to secure new investments in the offshore wind supply chain. These investments will help Virginia achieve 2,500 MW of energy generated from offshore wind by 2026.
“In Virginia, we are proving that a clean environment and a strong economy go hand-in-hand — and having both is what makes our Commonwealth such a great place to live, work, and play,” said Governor Northam. “These significant investments in environmental protection, environmental justice, clean energy, and clean water will combat climate change and ensure we maintain our high quality of life here in Virginia.”
Governor Northam also announced that his budget includes priorities to reduce the state’s climate impact and build a clean energy future for Virginia. The proposed budget provides $10 million for a revolving loan fund that will enable both private citizens and local government institutions to make investments in renewable energy and energy efficiency projects. The budget also includes funding to hire an administrator of a complementary clean energy-financing program called commercial property assessed clean energy financing (C-PACE). These two financing programs will help capitalize clean energy projects in all corners of the Commonwealth, which will save customers money, create new clean energy jobs, and expand renewable energy and energy efficiency commitments.
Governor Northam will address the Joint Money Committees on December 17 to share the full details of his budget plan.
“Governor Northam’s creation of a new Office of Offshore Wind is a coordinated approach that ensures successful economic development through the attraction of the foreign and domestic investment needed to build a fully functioning supply chain. We have seen this approach work in other areas around the world,” said Liz Burdock, President & CEO of the Business Network for Offshore Wind. “The state’s $40 million investment in the Portsmouth Marine Terminal is the other key element to success.”
Burdock added that these budget proposals combined with the CVOW 12-MW project currently under construction and Dominion Energy’s proposed 2,640-MW offshore wind farm solidifies Virginia as a regional powerhouse in the East Coast offshore wind marketplace. These initiatives will also insure that the state continues to progress toward its goal of 2,500 MW of offshore wind by 2026.
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