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The Offshore Energy Modernization Act of 2024 amends the Outer Continental Shelf Lands Act to accelerate offshore renewable energy development, establishing national permitting goals of 30 gigawatts of offshore wind capacity by 2030 and 50 gigawatts by 2035. The bill creates an Offshore Power Administration, streamlines environmental and cultural reviews for permitting decisions, establishes an Offshore Renewable Energy Compensation Fund, and authorizes grants for marine habitat protection and mitigation activities. It also includes provisions for offshore transmission infrastructure development, shipbuilding support, and multi-factor competitive bidding that considers non-monetary commitments to workforce development, domestic supply chains, and community benefits.
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