The Department of Commerce and NOAA introduce a $60 million Ocean-Based Climate Resilience Accelerator to fuel blue economy and ocean tech innovation.
In response to the escalating climate crisis, the Department of Commerce and the National Oceanic Atmospheric Administration (NOAA) have introduced the Ocean-Based Climate Resilience Accelerator program. Supported by a $60 million allocation from the Inflation Reduction Act, the initiative aims to bolster the blue economy and spur the development of future ocean technologies.
This move follows concerning reports of the ocean's color shifting from blue to green in the past two decades, a symptom attributed to climate change-induced phytoplankton blooms. Devastating coastal floods, another alarming manifestation of global warming, have prompted renewed investment in oceanic tech.
Sara Mattern from law firm Foley Hoag noted the growing investor interest in the ocean tech sector over the last few years. She cited the Accelerator program as a potent tool to enhance this trend. Potential areas for applicants span ocean-based renewable energy, coastal resilience, ecosystem services, and other ocean and Great Lakes-based climate resilience themes.
The first program phase, open until September 11, offers up to $250,000 per project for program design. According to GreenBiz, selected participants can then secure an additional $10 million in the second phase to realize their design. Mattern likens the opportunity to tech hubs such as Silicon Valley, fostering a nurturing ecosystem for startups.
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