California’s $10B Climate Bond Breaks Through Political Gridlock
Days before the final deadline, California lawmakers have settled on language for a $10 billion climate bond that will be presented to voters for approval in November.
The primary focus of the bond is “to respond to challenges wrought by climate change by investing in natural and built infrastructure,” according to an overview of the bond. It also includes some funding for programs cut from the state’s budget. At least 40% of the bond must help vulnerable and disadvantaged communities with a median household income of less than 80% of the area average or less than 80% of statewide median household income.