U.S. Announces $450 Million Funding for Modernising Port Infrastructure

The U.S. will invest $450 million in port infrastructure enhancements. As previously stated, the PIDP’s investments will be concentrated on improving U.S. coastal and inland waterway ports, enhancing supply chains, and enhancing overall economic security.

The Bipartisan Infrastructure Law of the Biden-Harris Administration offers $450 million each year in funding for the program from F.Y. 2022 until F.Y. 2026. The $450 million could be supplemented with more program funds as the F.Y. 2024 yearly appropriation gets finalized, per the officials.

Ports are crucial to supply chains, and when ports operate smoothly, they help keep prices lower, shelves stocked, and American farms and businesses selling goods worldwide, explained Pete Buttigieg, the U.S. Transportation Secretary.

Biden is declaring $450 million to strengthen ports and keep shipping costs low, now and for future generations of Americans, to help supply chains recover from pandemic-related disruptions.

Specifically, MARAD’s PIDP subsidies assist qualified applicants in completing vital port and port-specific infrastructure initiatives in rural, urban, and tribal communities. Applicants include port authorities, local and state governments, counties, indigenous tribal nations, and other public entities.

Grants will be provided competitively to support projects that improve the safety, efficiency, or reliability of goods transit through ports or intermodal linkages to ports.

The projects selected for PIDP funding will support the efforts extended by ports and industry stakeholders to modernize and expand port capacity to accelerate the movement of goods throughout the Nation, mentioned Ann Phillips, the Maritime Administrator.

PIDP happens to be a crucial investment tool geared toward enhancing port and related freight infrastructure to meet the Nation’s freight transportation needs while ensuring that the port infrastructure can support future growth and boost the safety, reliability, and efficiency of the Nation’s ports.

The program complements the Clean Ports Program of the Environmental Protection Agency, which was able to allocate $3 billion.

The program will fund zero-emission equipment and infrastructure to lower mobile source emissions at U.S. ports. This may encompass cargo handling equipment, harbour craft and vessels, electric charging and hydrogen fueling infrastructure, and other tech investments.

Reference: Offshore Energy

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Source: Maritime Shipping News