BP has agreed to pay $1 billion dollars toward early restoration projects in the Gulf of Mexico to address damages to natural resources caused by the oil spill.
This early restoration agreement will fund projects such as the rebuilding of coastal marshes, replenishment of damaged beaches, conservation of sensitive areas for ocean habitat for injured wildlife, and restoration of barrier islands and wetlands.
Under the agreement, each state – Florida, Alabama, Mississippi, Louisiana, and Texas - will select and implement $100 million in projects.
The Federal Resource Trustees which includes NOAA and Department of the Interior, will each select and implement another $100 million in projects and the remaining $300 million dollars will be used for projects selected by NOAA and DOI from proposals submitted by the states.
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