Legislation in the Louisiana Senate would set up the framework of a Coastal Zone Recovery Fund (CZRF) and environmental credit cap-and-trade-style system as agreed to by the State of Louisiana in a lawsuit settlement with the mining company Freeport-McRoRan.
Under the terms of the settlement, Freeport agreed to provide $100 million in funds to the state paid over 20 years. Three initials payments totaling $23.5 million would be placed in the CZRF for coastal restoration projects that will generate environmental credits, the sale of which will be used to offset Freeport’s remaining $76.5 million obligation. Read more...