Public Land Renewable Energy Development Act of 2021 This bill sets forth provisions regarding development of geothermal, solar, or wind energy on public lands. The Department of the Interior shall establish priority areas on its land for geothermal, solar, and wind energy projects, consistent with the principles of multiple use and the renewable energy permitting goal. Among applications for a given renewable energy source, proposed projects located in priority areas for that renewable energy source shall be given the highest priority for incentivizing deployment, and be offered the opportunity to participate in any regional mitigation plan developed for the relevant priority areas. The bill provides for the disposition of revenues from the development of wind or solar energy. The bill establishes the Renewable Energy Resource Conservation Fund to make funds available to federal, state, and tribal agencies for distribution in regions in which renewable energy projects are located on federal land for (1) restoring and protecting natural water bodies and fish and wildlife habitat and corridors, and (2) preserving and improving recreational access to federal land and water in an affected region.