NEW ORLEANS – Greater New Orleans, Inc. and the Coalition for Coastal Resilience and Economy (CCRE) renewed their commitment to ensuring that the $18.7 billion settlement reached with BP is used for its intended purpose of coastal restoration. This settlement, the largest environmental settlement in our country’s history, will result in Louisiana receiving at least approximately $6.8 billion in funding for coastal restoration. Further, the settlement represents a steady, guaranteed stream of funding which will allow for the State and local governments to plan efficiently for coastal restoration projects, GNO, Inc. reps said.
"Louisiana is ready to rebuild our coast, and this settlement will allow our state a chance to accelerate the restoration work underway both at the local level and as part of our State’s Coastal Master Plan,” said Michael Hecht, President and CEO of GNO, Inc. “Importantly, the opportunities for ecosystem restoration also provide significant economic benefit, creating a skilled workforce and specialized local industry around some of the most challenging environmental issues in the world. We again urge our state leaders to protect this funding and use it for its intended purpose – rebuilding our coast.”
“As chairman of the Coalition for Coastal Resilience and Economy—a neutral voice of business community support for coastal restoration—I am thrilled to see that a settlement has been reached with such favorable outcomes for Louisiana,” said Marty Mayer, President and CEO of Stirling Properties. “Coastal restoration across our state is more than an environmental issue: it is a significant economic opportunity. I look forward to continuing to advocate for holistic protection and restoration principles which will provide workforce opportunities, industry export potential, and vital protection measures for our existing employers.”
“This development removes a significant hurdle to completing large scale ecosystem restoration and integrated water management that will not only protect our people and businesses, but offer opportunities for economic growth,” said Robin Barnes, Executive Vice President and COO of GNO, Inc. “This financial settlement will fuel the construction of restoration projects along the Gulf Coast. And Louisiana firms that are part of the growing Emerging Environmental industry sector will have the opportunity to innovate and export unique expertise to communities around the nation and world facing similar environmental threats.”
