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Requiring Oil & Gas Lease Sales in Exchange for Solar and Wind Development [1]
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Date: 2023-12
Section 50265 of the IRA stipulates that, in order for the DOI to issue offshore wind development leases, DOI must have offered offshore oil and gas development leases covering at least 60 million acres in the previous year. The section further stipulates that DOI may only issue onshore wind and solar right-of-ways if, in the previous 120 days, it has held onshore oil and gas lease sales totaling at least 2 million acres or 50 percent of the acreage for which expressions of interest were submitted for that period (whichever is less). These requirements last for 10 years from the date of enactment of the IRA.
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[1] Url:
https://iratracker.org/programs/ira-section-50265-requiring-oil-gas-lease-sales-in-exchange-for-solar-and-wind-development/#:~:text=Section%2050265%20of%20the%20IRA,acres%20in%20the%20previous%20year.
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