The federal government is investing $60 million to support small businesses that are developing technologies designed to increase coastal resilience to climate change. The program partners companies with business accelerators to develop technologies and bring them to market.
The U.S. Department of Commerce (DOC) and the National Oceanic and Atmospheric Administration (NOAA) launched the Ocean-Based Climate Resilience Accelerators program, the DOC announced in a July 10 news release. The program is part of President Joe Biden's Investing in America agenda and is funded by the Inflation Reduction Act, the release reports.
“Climate change impacts every community in America, and the need for climate resilience is growing rapidly," NOAA Administrator Rick Spinrad said in the release. "Facing this challenge requires the active participation of government, the private sector, academia, tribes and stakeholders to find effective resilience strategies. This accelerator program creates a forum for those communities to come together and advance our capacity for resilience."
The two-phase grant program supports small businesses to develop sustainable technologies focused on ocean-based renewable energy, coastal and ocean carbon sequestration and accounting, hazard mitigation, coastal resilience, ecosystems services, and other coastal, ocean and Great Lakes-based climate-resilience areas.
NOAA is investing in business accelerators "that bring together stakeholders to understand how ocean observation technologies and information services can support solutions to specific climate resilience challenges, and foster sustainable business models geared towards climate resilience," the release states. The partnerships will "attract capital, mature their technologies, and scale their business models for climate impact and economic prosperity," according to the release.
The first phase of the competitive funding opportunity is open through Sept. 11 and will fund up to $250,000 per selected project for accelerator program design, the release reports. All applicants selected in phase one will be invited to apply for up to $10 million in funding to implement their design in phase two, according to the release.
"To tackle the urgent threat that climate change poses, we need all hands on deck — that means the public and private sectors — to develop next generation technologies and innovations that will bolster climate resilience and protect our future," Commerce Sec. Gina Raimondo said in the release. "Thanks to President Biden’s Investing in America agenda, we are ensuring that America’s small businesses — the backbone of our economy — are part of developing climate solutions that make our communities healthier and local economies stronger."
