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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Mar 9, 2021.
Offshore Wind for Territories Act
This bill addresses offshore wind development in certain submerged lands off the U.S. territories and coral reef conservation.
Specifically, the bill requires the Department of the Interior to study the feasibility of conducting wind lease sales on the Outer Continental Shelf in the U.S. Exclusive Economic Zone adjacent to U.S. territories. If the study determines that such leases are feasible, then Interior must conduct wind lease sales in those areas as specified by this bill.
In addition, the bill establishes the Coral Reef Conservation Fund for the Department of Commerce to carry out the Coral Reef Conservation Act of 2000, including to preserve, sustain, and restore the condition of coral reef ecosystems.
The bill also specifies requirements for distributing revenues from the leases authorized by this bill to the Treasury, the Coral Reef Conservation Fund, and U.S. territories.