A coalition of U.S. East Coast states have selected two firms to manage the Offshore Wind Fisheries Compensation Fund, a mitigation program built to compensate commercial and recreation for-hire fishers for revenue lost due to offshore wind developments.
The fund is a collaboration between the governments of 11 East Coast states – Maine, New Hampshire, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Delaware, Maryland, Virginia, and North Carolina – to provide financial compensation for economic loss caused by offshore wind projects along the Atlantic Coast. The states launched a competition earlier this year to select an administrator to run the new fund.
“Drawing on our experience with the first large offshore wind projects, Massachusetts recognizes the need to create a regional fund administrator for fisheries mitigation,” Undersecretary for Environment of the Massachusetts Executive Office of Energy & Environmental Affairs Stephanie Cooper said. “This will simplify and streamline compensation for our fishing industries, crucial to our economy and fishers’ livelihoods. We appreciate our fellow Atlantic Coast states and fishing industries for their commitment to this effort.”
Virginia, U.S.A.-based claims resolution firm BrownGreer and London, U.K.-based global climate consultancy The Carbon Trust were selected to act as the regional fund administrator ...
