WASHINGTON—The Pew Charitable Trusts today praised the U.S. Senate Energy and Natural Resources Committee’s passage of the Reinvesting in Shoreline Economies and Ecosystems (RISEE) Act. The bipartisan legislation, introduced in the Senate by Senators Sheldon Whitehouse (D-RI) and Bill Cassidy (R-LA), would send some proceeds from offshore wind leases to adjacent coastal states to help fund resilience projects to protect communities from sea-level rise, coastal flooding, and other weather-related events. A companion bill has been introduced in the U.S. House of Representatives by Representative Lizzie Fletcher (D-TX). Related legislation that was introduced by House Majority Leader Steve Scalise (R-LA) passed the House in 2023 as part of a large energy package (H.R. 1).
Laura Lightbody, director of Pew’s energy modernization project, issued this statement: “The bipartisan RISEE Act harnesses the financial power of wind energy by directing a share of federal revenue from offshore wind leases to coastal states adjacent to a project. That revenue can then be used for coastal restoration, infrastructure, and community resiliency efforts.
“At the heart of the act is a provision to send 37.5% of the revenue back to states to plan and pay for projects along shorelines that support local economies, such as coastal restoration; hurricane protection or infrastructure improvements; mitigation of damage to fish, wildlife, and other natural resources; and implementation of federally approved marine, coastal, or conservation management plans. Also included in the bill is a provision that dedicates 12.5% of offshore wind revenues to the National Oceans and Coastal Security Fund, which is shared between all coastal and Great Lakes states and can be used for resilience, research, and coastal habitat restoration.
“The Congressional Budget Office estimates that the policy could deliver billions of dollars to states over the next 10 years. And with a new five-year leasing schedule that includes 12 potential lease areas in the Atlantic, Gulf of Mexico, Pacific, and U.S. territories’ waters, states stand to bring in even more from future sales.
“The RISEE Act sends a message to states, industry, and global energy markets that the U.S. is maximizing the strong potential of the offshore wind industry. This is good news for communities and for clean energy. Pew urges Congress to pass the RISEE Act as soon as possible to ensure that those benefits are realized.”
More information about the power of offshore wind is available at https://www.pewtrusts.org/en/projects/energy-modernization.
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