- The RISEE Act aims to share federal offshore leasing revenues with state governments to boost port infrastructure and local economies.
- The American Association of Port Authorities supports the bill, highlighting its potential to enhance US energy infrastructure.
- The bill, tied to key states like Rhode Island and Louisiana, is gaining renewed attention in Congress for its impact on offshore wind and energy projects.
The Reinvesting In Shoreline Economies and Ecosystems (RISEE) Act, a bipartisan bill with significant implications for US ports and vessel operators, is gaining renewed attention as Congress moves towards the end of its session. Initially introduced in 2021 and reintroduced in 2023, the bill is aimed at sharing federal revenue from offshore leasing with state governments, reports Seatrade Maritime.
RISEE Act Overview
The RISEE Act, introduced by Senators Sheldon Whitehouse (D-Rhode Island) and Bill Cassidy (R-Louisiana), seeks to redistribute federal revenues from offshore leasing activities to state governments.
This would empower states and regions to invest in port infrastructure, ultimately enhancing supply chains and supporting local economies.
The American Association of Port Authorities (AAPA) recently endorsed the RISEE Act, highlighting its potential to boost the US manufacturing economy by funding new energy infrastructure.
Cary Davis, AAPA’s top executive, praised the bipartisan leadership behind the bill and urged Congress to pass it swiftly.
Strategic Importance of Rhode Island and Louisiana
The bill’s ties to Rhode Island and Louisiana are significant.
Rhode Island has been at the forefront of offshore wind development in New England, while Louisiana’s service vessel operators, who have traditionally served the oil and gas sector, are now transitioning to support wind energy projects.
Expanding State Investments
The RISEE Act would also remove the cap on federal revenue shared with states through the Gulf of Mexico Energy Security Act (GOMESA). This change would allow Gulf states to expand their investments in coastal resilience and ecosystem protection, funded by the oil and gas industry.
The RISEE Act has gained renewed attention due to a failed attempt in July to attach its language to a bill on streamlined permitting processes for energy projects.
Senator Cassidy indicated that the RISEE language would be considered in another bill by the Senate Energy and Natural Resources Committee in early September.
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Source : Seatrade Maritime
