Louisiana business community calls for protection of state’s Coastal Trust Fund
May 21, 2014 | Posted by Delta Dispatches in 2012 Coastal Master Plan, Economics, RESTORE Act, State Legislature

By Derek Brockbank, Mississippi River Delta Restoration Campaign Director

Louisiana businesses have long known that a healthy coast is essential to the state’s economy. But a healthy coast means restoration, and restoration takes funding. So it’s no surprise that businesses are lining up to support House Bill 490 (HB 490) in the legislature this year, because this legislation would make sure Louisiana’s Coastal Trust Fund is used only for coastal restoration and protection, with no exceptions.

Michael Hecht, President and CEO of Greater New Orleans, Inc., has outlined why the coast is so important to the Louisiana business community:

“Restoring Louisiana’s coast is existential to our ability to live and work in Greater New Orleans, but we have a unique opportunity to turn this looming crisis into an economic opportunity by harnessing the existing water management, coastal resilience and disaster recovery experience currently existing in Southeast Louisiana and building on it, exporting it, and positioning our region as the international epicenter of the emerging environmental sector.”

Greater New Orleans, Inc. recently released a letter in support of HB 490, where they were joined by 28 business and economic development associations and more than 60 individual businesses that work in Louisiana. In explaining why they supported a bill that was largely about closing a fiscal loophole in how the Coastal Trust Fund is operated, the letter stated:

“As supporters of the RESTORE Act and the State Master Plan process, we know that large-scale coastal restoration is urgently needed to protect our businesses, economic base and communities. Investing in protection and restoration of our coast will reduce storm risk, while also creating jobs and economic opportunities that are important to our members, customers and parishes.”

Todd Murphy, President of the Jefferson Chamber of Commerce, one of the letter signers, explained his support for HB 490 this way:

“Restoring our coast means sustaining the Louisiana economy. Businesses in Jefferson Parish rely on coastal wetlands. We need to protect the integrity of Louisiana’s Coastal Fund by using the Fund as the law intended – to pay for critical protection and restoration projects only.”

The Louisiana State House of Representatives unanimously passed HB 490 on May 5. Now the bill is awaiting a vote in the Senate Finance Committee. With the Senate adjourning on June 2, just a week and a half remains for the bill to be taken up by the Finance Committee and then the full Senate.

Take Action: Tell your Louisiana State Senator to take up and pass HB 490: https://secure2.edf.org/site/Advocacy?cmd=display&page=UserAction&id=2283.

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