Louisiana House Bill HB640

Louisiana 2016 Regular Session

• Introduced: 3/4/16
• Refer: 3/4/16
• Refer: 3/14/16
• Report Pass: 4/6/16
• Engrossed: 4/21/16
• Refer: 4/25/16
• Report Pass: 5/16/16
• Enrolled: 5/25/16
• Chaptered: 6/5/16
• Passed: 6/5/16

Caption

Authorizes the Coastal Protection and Restoration Authority Board to develop a natural resource damages restoration bank program and oil spill compensation schedule

Impact

If enacted, HB 640 would significantly influence the management of coastal restoration efforts in Louisiana by formalizing the establishment of restoration banking systems. The board is tasked with creating criteria for certification of these banks, ensuring they meet environmental standards and provide financial assurance for sustaining restoration efforts. The legislation emphasizes a structured approach to not only rehabilitating damaged ecosystems but also managing the trade of restoration credits, which can be valuable for entities responsible for natural resource damages. This could lead to a more organized ecological restoration process and ensure accountability in industry practices associated with natural resource exploitation.

Summary

House Bill 640, also known as the Act Authorizing the Coastal Protection and Restoration Authority Board, focuses on establishing a framework for implementing a natural resource damages restoration banking program in Louisiana. This program is designed to facilitate the restoration of natural resources harmed by oil spills in coastal areas, thereby providing an alternative mechanism for compensating ecological damages. The proposed law outlines the responsibilities of the Coastal Protection and Restoration Authority Board in certifying restoration banks, developing rules, and monitoring their operations, ultimately aiming to enhance the ecological resilience of the state's coastal resources.

Sentiment

Discussions around HB 640 appear to reflect a generally positive sentiment, especially among environmental advocates and stakeholders who recognize the importance of structured restoration efforts in protecting vulnerable coastal ecosystems. The sentiment highlights an acknowledgment of Louisiana's unique environmental challenges and the necessity for stable, long-term solutions to mitigate adverse effects from oil spills. However, concerns may arise about the potential complexities introduced by the certification process, particularly regarding the financial capabilities of prospective restoration bank sponsors, which may challenge smaller entities involved in these efforts.

Contention

There are notable points of contention surrounding HB 640 related to the balance between environmental restoration initiatives and the economic implications for businesses operating in coastal regions. Critics may raise questions about the financial burdens that could emerge from the required compliance with the established compensation schedules and certifications for restoration banks. Additionally, the concern rests on whether the bill could inadvertently favor larger, more financially robust entities over smaller businesses, potentially sidelining local stakeholders from actively participating in restoration efforts. Overall, the legislation navigates the complex intersection of environmental protection and economic interests.