The Billfish Foundation recently endorsed the Conservation of America’s Shoreline Terrain and Aquatic Life (COASTAL) Act and the Opening Federal Financial Sharing to Heighten Opportunities for Renewable Energy (OFFSHORE) Act. Legislation proposed by U.S. Senators Lisa Murkowski (Alaska), Dan Sullivan (Alaska), Bill Cassidy (Louisiana), John Kennedy (Louisiana), Doug Jones (Alabama), and Roger Wicker (Mississippi). The legislation strives to increase revenue distribution from offshore energy production to habitat restoration and coastal resilience in the Gulf of Mexico and Alaska.
The COASTAL Act would reform the Gulf of Mexico Energy Security Act (GOMESA) to ensure a more equitable spread of offshore oil and gas revenues to Gulf coast states for coastal restoration and would allocate energy development revenue to Alaska for natural resources, coastal habitat, and organism conservation.
The OFFSHORE Act would direct 12.5% of offshore wind development revenues in federal waters to the National Oceans and Coastal Security Fund to provide coastal and Great Lakes resiliency grants. Currently, all offshore wind generated revenues in federal waters goes to the general treasury.