The world’s ports are almost at crisis point. There’s a shipping container shortage, delays at docks here in the US, and other bottlenecks affecting every part of the supply chain as economies begin to recover from the Covid-19 pandemic.
Now, the hotly anticipated Bipartisan Infrastructure Deal is promising to rectify some of the issues that have hit supply chains across the US. Its solution? A $50 billion investment in shipping and infrastructure.
According to a White House fact sheet, the deal will support ports through investment, funding grants, construction projects, and programs to improve inland waterways and land ports.
The deal promises a lot, starting with that $50 billion worth of funding earmarked for US ports. The White House says this money will help create “modern, resilient, and sustainable” infrastructure for shipping.
The investment will also apparently “improve efficiency, reduce costs, and support US competitiveness by removing bottlenecks and expediting commerce, while reducing greenhouse gas emissions.”
That all sounds like a lot. But wait, there’s more.
Seemingly, the White House is offended that “no U.S. port ranks in the top 50 ports for efficiency”.
To combat this, the White House is promising $17 billion worth of investment in port infrastructure. These funds will “address repair and maintenance backlogs, reduce congestion and emissions,” and drive adoption of low-carbon technologies.
To top all this off, and in preparation for our impending climate doom, the bill also wants to future-proof our ports to make them resilient to extreme weather and climate change.
The White House says:
“Passing this legislation increases our resilience in the face of climate change, cyber-attacks, and natural disasters.”
So far, the Bipartisan Infrastructure Deal has passed through Congress but has not yet been signed into law. So, before all this investment can begin, the deal must be signed by President Joe Biden.
It said a date for the bill’s signing ceremony has not yet been set. But added that the White House was waiting until Congress returns next week to host the event.