Blue Ocean Energy Innovation Act of 2024

HR 7722, the Blue Ocean Energy Innovation Act of 2024, establishes a Department of Energy program to fund research and development of "blue energy technologies" - renewable energy systems or greenhouse gas capture systems operating in aquatic environments. The program directly affects the Department of Energy, national laboratories, and industries like maritime transportation, algae biofuels, and ocean tourism by providing funding to improve these technologies, reduce costs, support coastal job creation, and address unique marine environment challenges. Key mechanisms include creating a dedicated "Blue Economy Center of Excellence" at a national lab, requiring cross-agency coordination with agencies like NOAA and the Maritime Administration, and authorizing $1.5 billion over 10 years (2024-2034) for R&D. The bill aims to advance ocean-based renewable energy while supporting ecosystem restoration and workforce development, without replacing existing funding.