July 25, 2023 — Gulf of Mexico Reef Fish Shareholders’ Alliance, an organization of commercial snapper and grouper fishermen in the region, released a statement following the Biden-Harris administration’s decision to approve offshore wind energy lease sale in the Gulf.
According to the organization, the major offshore wind news comes with the U.S. Bureau of Ocean Energy Management (BOEM)’s decision to grant “bidding credits for companies and developers who commit to establishing or contributing to a fisheries compensatory mitigation fund.”
“These credits can count for 10% of the cash bid, allowing eligible bidders to put down slightly less upfront for the lease, with the guarantee that they will use an equivalent amount to develop or contribute to a fisheries compensatory mitigation fund for the Gulf commercial and charter/for-hire fishing industries,” the Alliance explained in its statement.
The funds will help offset the costs of gear loss, counterbalance reductions in fishing income, and reduce the cost of necessary upgrades to gear/navigational equipment and support fishermen’s involvement in the wind project.
The Shareholders’ Alliance said including the compensatory mitigation fund was a “sound strategy.”
“In offering these bidding credits, the Shareholders’ Alliance believes that BOEM has taken a positive step forward towards addressing potential adverse impacts of the offshore wind lease to the Gulf’s commercial fishing industry,” the group wrote.
It also said that it believes offshore wind holds promise for not only the Gulf of Mexico but the entire planet. It believes there is potential for a strong partnership between BOEM and fishermen. The group believes the industry and BOEM can create a “complementary rather than competitive” partnership.