Business View Magazine - May 2024

to ports in both urban and rural areas for planning and capital projects. It also includes a statutory set- aside for small ports to continue to improve and expand their capacity to move freight reliably and efficiently and support local and regional economies. The Bipartisan Infrastructure Law provided $2.25 billion for the PIDP program over five years (2022- 2026), $450,000,000 of which is currently available in fiscal year 2024. Additional funding may be appropriated in fiscal year 2024 for PIDP under the annual appropriations act. MARAD published a preliminary Notice of Funding Opportunity (NOFO) on December 27, 2023, and will update the NOFO on or before February 16th, 2024. MARAD grant programs include provisions that applicants address safety, efficiency, and reliability of their projects, including environmental considerations such as emission mitigation measures, port electrification, and hydrogen refueling infrastructure. In addition, MARAD, through its Marine Highway Program, continues to engage the maritime industry on how to leverage the availability and increase the use of the nation’s navigable waterways to relieve landside congestion, reduce air emissions, and generate other public benefits.This engagement includes investigating maritime transportation opportunities to Canada and Mexico. The latest developments in the port industry include the realization that low and zero emission maritime infrastructure and cargo handling equipment can be economically viable and can provide a substantial monetary savings to operate over time, despite potentially higher upfront costs. These economic benefits are complemented with clear positive environmental impacts. This “sea change” is supported not only by MARAD grants but also through other USDOT grants, such as the Federal Highway Administration (“FHWA”) through their multiyear $160 million Reduction of Truck Emissions at Port Facilities (“RTEPF”) program. In addition to federal investment in maritime infrastructure, ports are economic drivers and contribute to infrastructure developments. Ports are economic development drivers for local and state governments. Ports can have the authority to own land, set fees, and levy taxes, for example. applicants are invited to apply and put forward their proposals for enhancements and improvements to terminals and facilities. 1 https://www.whitehouse.gov/wp- content/uploads/2022/05/BUILDING-A- BETTER-AMERICA-V2.pdf#page=99 Funds for the PIDP are awarded on a competitive basis to projects that improve the safety, efficiency, or reliability of the movement of goods into, out of, around, or within a port. PIDP grants support efforts to improve port and related freight infrastructure to meet the nation’s freight transportation needs and ensure our port infrastructure can meet anticipated growth in freight volumes.The PIDP provides funding 166 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 05