Saving Seafood

Private equity wades deeper into US offshore wind investments

March 7, 2024 — Challenging economics faced by later-stage US offshore wind projects struggling to get across the finish line are not deterring private equity firms from investing in various parts of the value chain.

From lease sales and port logistics to the projects themselves, some of the largest alternative asset managers are leaning into demand for infrastructure supported by federal tax credits and the Biden administration’s goal of 30 GW of offshore wind energy capacity by 2030 and an additional goal of 15 GW of floating offshore wind energy capacity by 2035.

Global Infrastructure Management LLC announced a deal in mid-February to take over Eversource Energy’s 50% interest in two of the utility company’s joint offshore wind farms with Ørsted A/S for $1.1 billion in cash. The following week, Dominion Energy Inc. saw its stock pop after announcing its own deal to unload a 50% stake in the 2,587-MW Coastal Virginia Offshore Wind project to Stonepeak Partners LP, with an expectation of $3 billion in proceeds for the utility upon close.

Due to high interest rates, cost inflation and supply chain clogs, Eversource had been forced to take a billion-dollar writedown on its offshore wind portfolio. Global Infrastructure Management will acquire the utility’s interest in the 132-MW South Fork Wind and 700-MW Revolution Wind projects, while Ørsted is moving to take complete ownership of the 924-MW Sunrise Wind project.

“Private equity does well when some of the initial development work has already been done and then they come in and fund it across the finish line,” Norton Rose Fulbright attorney Becky Diffen, who focuses on renewables project development, said in an interview.

Read the full article at S&P Global

Biden-Harris Administration announces new NOAA-NASA agreement to advance North Atlantic right whale conservation technologies as part of Investing in America agenda

March 4, 2024 — The following was released by NOAA Fisheries:

Today, NOAA Fisheries announced a new $500,000 agreement with NASA’s Center of Excellence for Collaborative Innovation (CoECI) to assist NOAA in identifying, advancing the development of and selecting technologies to support endangered North Atlantic right whale recovery efforts. Today’s investment is part of President Biden’s Investing in America agenda and funded by the Inflation Reduction Act — the largest climate investment in history.

North Atlantic right whales are approaching extinction, with approximately 360 individuals remaining, including fewer than 70 reproductively active females. Primary threats to the species are entanglement in fishing gear and vessel strikes. Climate change is also affecting every aspect of their survival.

“The Inflation Reduction Act provides a historic investment to reduce threats to this imperiled species and increase monitoring through the application of new technologies that would otherwise not be possible without this funding,” said Janet Coit, assistant administrator for NOAA Fisheries. “Our team at NOAA Fisheries looks forward to working with NASA given its strong track record of bringing new technologies and approaches to pressing societal problems.”

Under this agreement, and in partnership with the private sector, NOAA Fisheries will seek to identify, advance and develop new technologies for satellite tags and improve whale detection to reduce the risk of vessel strikes ― one of the primary threats to the survival of North Atlantic right whales. By developing new technologies, NOAA Fisheries can improve the understanding of where whales are located to allow ocean users to respond when right whales are detected. 

“NASA’s Center of Excellence for Collaborative Innovation works across NASA and other federal agencies to educate and facilitate the use of open innovation and crowdsourcing,” said Steve Rader, program manager for CoECI at NASA’s Johnson Space Center in Houston. “Open innovation provides a unique tool to further technology development and scientific discovery for the benefit of all, and we look forward to working with NOAA Fisheries on this important ecological endeavor.”

NOAA Fisheries and its partners are dedicated to recovering and conserving North Atlantic right whales. The new agreement will help NOAA Fisheries meet the objectives of the recently released North Atlantic Right Whale and Offshore Wind Strategy, and it directly supports the North Atlantic Right Whale Road to Recovery — NOAA Fisheries’ comprehensive plan to address threats to the species and monitor recovery progress. NOAA Fisheries has previously worked with NASA to organize a global technology search for innovative solutions to detect on-demand (or “ropeless”) fishing gear. This new effort will further strengthen the agencies’ partnership. 

This agreement is part of NOAA Fisheries’ plans for North Atlantic right whale recovery, supported with $82 million in funding from the Inflation Reduction Act and first announced in September 2023. These investments are part of the historic $3.3 billion in Inflation Reduction Act investments focused on ensuring America’s communities and economies are ready for and resilient to climate change.

Visit NOAA’s Inflation Reduction Act website to learn about current and future funding opportunities.

Biden administration releases USD 1 million for Alaskan climate resilience

February 27, 2024 — The administration of U.S. President Joe Biden will provide USD 1 million (EUR 920,000) to support climate resilience and food security in remote Alaskan communities and incorporate more indigenous knowledge into NOAA’s fisheries science initiatives.

“This opportunity will enable entities working to benefit indigenous knowledge holders, including tribes and Alaska Native community members to advance equity and environmental justice – including just treatment, equal opportunities and environmental benefits for all people and communities, and respect for tribal sovereignty,” U.S. Secretary of Commerce Gina Raimondo said. “Through this effort we hope to support research projects that address community concerns while enabling NOAA Fisheries to meet its research mission through collaborative and co-produced research.”

Read the full article at SeafoodSource

White House, tribal leaders hail ‘historic’ deal to restore salmon runs in Pacific Northwest

February 26, 2024 —  The Biden administration, leaders of four Columbia River Basin tribes and the governors of Oregon and Washington celebrated on Friday as they signed papers formally launching a $1 billion plan to help recover depleted salmon populations in the Pacific Northwest.

The plan, announced in December, stopped short of calling for the removal of four controversial dams on the Snake River, as some environmental groups and tribal leaders have urged. But officials said it would boost clean energy production and help offset hydropower, transportation and other benefits provided by the dams should Congress ever agree to breach them.

The plan brokered by the Biden administration pauses long-running litigation over federal dam operations and represents the most significant step yet toward eventually taking the four Snake River dams down. The plan will strengthen tribal clean energy projects and provide other benefits for tribes and other communities that depend on the Columbia Basin for agriculture, energy, recreation and transportation, the White House said.

Read the full article at the Associated Press

 

Interior advances two New England offshore wind projects

February 26, 2026 — The Biden administration on Monday advanced two massive offshore wind projects off the coast of Massachusetts that have faced economic woes challenging whether they will be built.

The Avangrid projects, Park City Wind and Commonwealth Wind, would be located more than 20 miles off the coast of Massachusetts’ Martha’s Vineyard and just south of the first major offshore wind farm in the U.S., the Vineyard Wind project that is under construction.

The Bureau of Ocean Energy Management on Monday released a joint environmental analysis for the projects, which combined could power nearly 1 million homes. The document explores the impacts constructing and operating the large wind farms could have on the environment, marine life like the endangered North Atlantic right whale, and industries like tourism and fishing.

Read the full article at E&E News

Agreement to save Pacific Northwest salmon population signed

February 24, 2024 — A “landmark” agreement was signed by the federal government, the Pacific Northwest, and tribes to help save declining salmon populations in the Columbia Basin.

Friday’s ceremonial signing formalizes the Biden administration’s historic agreement made in December with Oregon, Washington, advocacy groups, and the “Six Sovereigns,” including the Yakima, Umatilla, Warm Springs, and Nez Pierce tribes.

The effort aims to preserve ecosystems supporting wild salmon, steelhead, and other native fish habitats in the region.

The agreement includes efforts to expand tribally sponsored clean energy production and aims to provide stability to communities that rely on the Columbia Basin.

The agreement includes efforts to expand tribally sponsored clean energy production and aims to provide stability to communities that rely on the Columbia Basin.

Read the full article at KOIN

Biden-Harris Administration invests $3.9 million for Ocean-based Climate Resilience Accelerators through Investing in America agenda

February 24, 2024 — Read the full release at NOAA Fisheries:

The Ocean-based Climate Resilience Accelerator program will invest in a network of novel business accelerators, which are organizations that support the development of innovative early to mid-stage small businesses through training, resources, mentorship and often seed funding, aimed at bringing products to market. Once operational, these accelerators will support businesses developing ocean observation technologies and information services, such as forecasts and digital apps, to enhance climate resilience.

“The impacts of climate change are visible in communities across America every day,” said NOAA Administrator Rick Spinrad, Ph.D. “This ocean-based accelerator program connects the government, the private sector, academia, tribes and stakeholders to innovate and produce new ocean, coastal and Great Lakes technologies at a pace that supports the urgent need for resilience nationwide.”

The program is structured in two phases: design and development. The Phase 1 awards announced today provide approximately $250,000 in development funding to each of the 16 proposed business accelerators, equaling a total investment of $3.9 million.

Alaska

  • Alaska Oceans 2075: Accelerating a Resilient Future, Alaska Fisheries Development Foundation, $249,540.

California

  • Activate Oceans Fellowship, ACTIVATE GLOBAL Inc., $202,431.
  • StartBlue Climate Ocean Resilience Accelerator Launchpad (CORAL), University of California San Diego, $250,000.

Florida

  • Catching the Blue Wave: Accelerating America’s Ocean Economy, Tampa Bay Wave, Inc., $250,000.
  • The Upwell Collaborative Accelerator, Seaworthy Collective, $249,848.

Hawaii

  • HITIDE Studio: Guiding the Commercialization Voyage of Ocean-Based Climate Resilient Technologies, University of Hawaii, $250,000.

Louisiana

  • CLIMATEx Accelerator Program, The Idea Village, Inc., $250,000.

Maine

  • OceanVista: Advancing Ocean Data for Climate Resilience, Gulf of Maine Research Institute, $250,000.

Massachusetts

  • VentureWell Ocean-Based Climate Resilience Accelerator, VentureWell, $249,810.
  • Accelerating Climate & Ocean Resilience with Bluetech Innovation, SeaAhead, Inc., $249,299.
  • Accelerating Resilience: Linking Research, Industry, and the Public Across the Value Chain, Woods Hole Oceanographic Institution, $225,480.

New York

  • The National Ocean Renewable Power Accelerator – Ocean RePower, National Offshore Wind Research & Development Consortium, $249,991.

Virginia

  • OpenSeas Data Accelerator, Old Dominion University Research Foundation, $249,816.
  • NOAA Ocean-Based Climate Resilience Accelerator, FedTech, $176,799 (full recommended funding: $249,844).

Washington

  • Washington Maritime Blue Ventures for Ocean-based Climate Solutions, Washington Maritime Blue, $248,403.

Wisconsin

  • Great Lakes Resilience Accelerator, gener8tor Management, LLC, $250,000.

Later this month, all Phase 1 awardees will be invited to apply to Phase 2 of the Ocean-based Climate Resilience Accelerators program, which will award up to a total of $55 million for the implementation of up to five proposed accelerators.

Visit NOAA’s Inflation Reduction Act website to learn about current and future funding opportunities.

 

 

Media contact

Kimberly Rodgers, kim.rodgers@noaa.gov, (771) 233-3988.

Lawmakers press for investigation into forced labor in seafood supply chains

February 20, 2024 — A group of bipartisan lawmakers are asking the Biden administration to investigate forced labor allegations in seafood supply chains in China.

The group is led by California Reps. Jimmy Panetta (D-Calif.) and Michelle Steel (R-Calif.).

They wrote a letter to Secretary of State Antony Blinken, U.S. Trade Representative Katherine Tai and acting U.S. Customs and Border Protections Commissioner Troy Miller to urge them to evaluate the supply chain’s alleged force labor ahead of the World Trade Organization’s (WTO) Ministerial Conference next week.

Read the full article at The Hill

US lawmakers call on Biden administration to impose Magnitsky sanctions against Chinese companies

February 16, 2024 — A group of U.S. lawmakers has called on U.S. Secretary of State Antony Blinken and U.S. Secretary of the Treasury Janet Yellen to impose Global Magnitsky Human Rights Accountability Act (GloMag) sanctions on Chinese companies named in the October 2023 Outlaw Ocean Project report on forced labor in Chinese processing facilities.

U.S. representatives Jared Huffman, Mike Gallagher, Raul Grijalva, Raja Krishnamoorthi, Betty McCollum, James Moylan, Josh Gottheimer, Jill Tokuda, Marry Peltola, Julia Brownley, and Delia Ramirez all signed the letter, which urged the executive branch of the federal government to impose sanctions on the Chinese companies.

Read the full article at SeafoodSource

100 chefs call on Biden to expand Seafood Import Monitoring Program

January 29, 2024 — More than 100 chefs have signed a letter organized by nonprofit Oceana calling on U.S. President Joe Biden to expand the Seafood Import Monitoring Program (SIMP), which imposes traceability requirements on some seafood species to prevent illegal fishing.

SIMP currently covers just 13 species or species groups, but many fishery observers and lawmakers have called on the program to expand.

Read the full article at the SeafoodSource