; and (ii) does not have adequate funding to make substantial progress toward the completion of the project study. (B) Inclusions The Secretary shall include for each project study on the list under subparagraph (A) a description of the estimated amounts necessary to make substantial progress on the project study. (b) Project review process (1) In general The Secretary shall develop and implement a coordinated environmental review process for the development of project studies. (2) Coordinated review The coordinated environmental review process described in paragraph (1) shall require that any review, analysis, opinion, statement, permit, license, or other approval or decision issued or made by a Federal, State, or local governmental agency or an Indian tribe for a project study described in subsection (b) be conducted, to the maximum extent practicable, concurrently with any other applicable governmental agency or Indian tribe. (3) Timing The coordinated environmental review process under this subsection shall be completed not later than the date on which the Secretary, in consultation and concurrence with the agencies identified under section 705(d), establishes with respect to the project study. (c) Lead agencies (1) Joint lead agencies (A) In general Subject to the requirements of the National Environmental Policy Act of 1969 ( 42 U.S.C. 4321 et seq. ) and the requirements of section 1506.8 of title 40, Code of Federal Regulations (or successor regulations), including the concurrence of the proposed joint lead agency, a project sponsor may serve as the joint lead agency. (B) Project sponsor as joint lead agency A project sponsor that is a State or local governmental entity may— (i) with the concurrence of the Secretary, serve as a joint lead agency with the Federal lead agency for purposes of preparing any environmental document under the National Environmental Policy Act of 1969 ( 42 U.S.C. 4321 et seq. )