Posted on November 20, 2024
BATON ROUGE, La. – The U.S. Senate Energy and Natural Resources Committee today passed Senate Bill 373, known as the Reinvesting In Shoreline Economies and Ecosystems Act of 2023 (RISEE Act), unanimously by voice vote.
The bipartisan bill was authored by Sen. Bill Cassidy (R-LA) and Sen. Sheldon Whitehouse (D-RI) and cosponsored by Sen. John Kennedy (R-LA), among others. Sen. Cassidy is a member on the Senate Energy and Natural Resources Committee and has stated that getting the RISEE Act signed into law would be “an unquestionable victory for Louisiana” and thanked the Coastal Protection and Restoration Authority (CPRA) and the Department of Energy & Natural Resources (DENR) for their support.
The RISEE Act would create multiple dedicated funding streams for coastal infrastructure and resiliency, aiming to protect vulnerable communities and businesses most affected by sea level rise and coastal erosion.
RISEE would reform the Gulf of Mexico Energy Security Act (GOMESA) to allow for a greater state share of revenue from Gulf energy production by eliminating an existing state revenue sharing cap of $375 million. In Louisiana, GOMESA constitutionally dedicates state funds to the Coastal Trust Fund and provides direct funding to coastal parishes.
“Passing the RISEE Act through Congress is imperative to the long-term success of Louisiana’s coastal program,” said CPRA Board Chairman Gordon “Gordy” Dove. “We simply must remove the limiting cap on GOMESA revenues, which cost Louisiana nearly $90 million just this past year.
“I applaud the continued dedication of Sen. Cassidy, Sen. Kennedy, and the entire Louisiana congressional delegation who are fighting for our state’s fair share of revenues generated from offshore energy projects, including oil, gas, and renewable energy. Funds allocated by RISEE will allow Louisiana to continue implementing the projects laid out in the Coastal Master Plan, the guiding roadmap for protecting our vulnerable coastal communities, businesses, and culture.”
The RISEE Act would also create a revenue-sharing model for offshore wind, directing 37.5% of the revenue generated to the states adjacent to the wind farms. An amount available to each coastal state would be determined by a formula developed by the Secretary of the Interior, with the distribution based on the coastal population density and length of shoreline.
Offshore wind revenue would be allocated to support coastal restoration, hurricane protection, and infrastructure improvements. It would also be used to mitigate damage to fish, wildlife, and other natural resources, including funding fisheries science and research, and to implement federally approved marine, coastal, or comprehensive conservation management plans.
“Our mission is to ensure the sustainable, responsible use of the natural resources of our state,” said DENR Secretary Tyler Gray. “The RISEE Act would greatly improve our ability to achieve the maximum benefit from the energy resources off our coast by providing additional funding to the communities and ecosystems that host the energy infrastructure.”
The funds generated from this new revenue stream would be directly allocated to coastal projects in Louisiana, following the recent, decisive passage of a constitutional amendment mandating that federal revenues received by the state from Outer Continental Shelf alternative or renewable energy production be deposited into the Coastal Protection and Restoration Fund.
CPRA administers these dedicated funds to implement coastal projects that align with the Coastal Master Plan, a comprehensive, long-term strategy developed utilizing the best available science and engineering along with extensive public input and review.
“With the implementation of our Coastal Master Plan, Louisiana is the leading example for how to translate coastal funding into lasting projects that benefit our nation’s coast and communities,” said CPRA Executive Director Glenn Ledet, Jr. “Passing the RISEE Act is vital to Louisiana’s coastal future.”
The RISEE Act is now awaiting scheduling for consideration and debate on the Senate floor.
