La. Admin. Code tit. 43 § XXXI-101
Current through Register Vol. 50, No. 11, November 20, 2024
Section XXXI-101 - Purpose/Declaration and IntentA. The release of oil into Louisianas coastal area presents a real and substantial threat to public health and welfare, the environment, wildlife and aquatic life, and the economy of the state. The Coastal Protection and Restoration Authority (CPRA) Board adopts these regulations pursuant to R.S. 49:214.5.2(H). The purpose of these regulations is to establish a Natural Resource Damage (NRD) Restoration Banking Program to fully or partially resolve a responsible partys NRD liability under the Oil Pollution Act of 1990 (OPA), 33 U.S.C. § 2701 et seq., and the Oil Spill Prevention and Response Act (OSPRA), R.S. 30:2451 et seq. This Chapter is intended to support and complement OPA and OSPRA. These regulations establish procedures for the certification and operation of NRD restoration banks.B. This NRD Restoration Banking Program is designed to allow, encourage, and incentivize private investors to undertake restoration projects and generate restoration credits that responsible parties can purchase to fully or partially resolve NRD liabilities from oil spills under OPA and OSPRA. This program will provide up-front restoration in the Louisiana coastal area, allow for the implementation of large scale restoration projects, and provide greater ecosystem benefits in an efficient and cost-effective manner, as compared to spill-by-spill restoration actions. Notwithstanding any provision of this Chapter, the Natural Resource Damage Assessment (NRDA) trustees retain final authority whether to propose and select the purchase of credits from certified NRD restoration banks or another option as preferred alternatives to restore for injuries resulting from a particular oil spill.La. Admin. Code tit. 43, § XXXI-101
Promulgated by the Office of the Governor, Coastal Protection and Restoration Authority, LR 431354 (7/1/2017).AUTHORITY NOTE: Promulgated in accordance with R.S. 49:214.5.2.