The bill establishes several grant programs aimed at promoting the blue economy in Massachusetts. It amends Chapter 21 of the General Laws to create a competitive grant program under the Massachusetts Department of Environmental Protection, which will provide funding to small businesses transitioning to a circular economy. The program prioritizes applications from certified minority-owned and women-owned businesses, those located in environmental justice populations, and businesses that benefit these communities. Additionally, it amends Chapter 21A to establish a grant program under the Secretary of Energy and Environmental Affairs for non-profits, academic institutions, and businesses to conduct scientific research and develop new technologies aimed at improving ocean health. This program also emphasizes measurable economic benefits to the ocean economy and prioritizes projects that promote equity and inclusivity.

Furthermore, the bill amends Chapter 69 to create a Blue Economy Education Fund within the Massachusetts Department of Elementary and Secondary Education. This fund will support high schools in expanding educational development, workforce training, and job placement programs in blue-STEAM industries, which encompass ocean sector jobs in science, technology, engineering, art, and mathematics. Funding will be prioritized for high schools located in or serving substantial numbers of students from environmental justice communities. Overall, the bill aims to enhance economic opportunities and environmental stewardship within the blue economy sector in Massachusetts.