Story courtesy of: Politico Pro

California voters approved a bond measure last week that will let the state borrow $10 billion to fund wildfire, flood protection and other climate resiliency projects. Proposition 4 easily passed in a state where devastating wildfires, heatwaves and other natural disasters linked to climate
change are occurring more frequently. Pollsters say those events — which have driven a homeowners insurance crisis — have led to growing support for climate action across regions and demographic groups.

The measure represents California’s latest effort to spend big on climate resiliency and environmental health projects, with billions allocated to prepare for droughts and floods. While the largest portion of the money will go to water infrastructure, Prop 4 also finances new projects to address wildfire protection and sea-level rise. Forty percent of the money is designated to projects in disadvantaged communities.

The measure passed with a comfortable 58-42 margin, according to the California Secretary of State’s office, slightly below polling that showed it was among the most popular measures on the ballot. The campaign to pass Prop 4 was bankrolled by land trusts and other environmental groups, who pitched the bond as a key element in the state’s fight against climate change.

Conservative anti-government groups that came out in opposition never
assembled a serious effort to defeat it or the similarly sized school-repair bond, Prop 2, which currently has 57 percent support. Prop 4’s passage is further proof that addressing climate change remains popular with voters, who approved the new borrowing even amid increased worries about the state’s fiscal condition.

What it does: The bond divides the $10 billion across eight categories of funding:

— $3.8 billion for water infrastructure, including more than $1 billion for flood mitigation and dam safety and $610 million for safe drinking water.
— $1.5 billion for wildfire and forest resilience efforts like home hardening, fire prevention grants and watershed restoration.
— $1.2 billion to combat sea-level rise and coastal flooding, including $415 million for the California State Coastal Conservancy.
— $1.2 billion for biodiversity and nature-based climate programs, with the majority of that funding set aside to support California’s 30 x 30 initiative, which aims to conserve 30 percent of state lands and coastal waters by 2030.
— $850 million for port infrastructure related to offshore wind development, electric transmission financing and battery storage.
— $700 million to build and maintain state and local parks, $450 million for extreme heat programs like tree planting and grants for community “cooling” centers and $300 million for climate-friendly farming and ranching.

Background: A pair of climate bond proposals emerged in the Legislature early last year, after Gov. Gavin Newsom floated the idea of borrowing to offset budget cuts to the $54 billion climate package lawmakers passed in 2022. Lawmakers, clean energy companies and nearly 200 environmental groups hashed out a deal after more than a year of negotiations, placing
Prop 4 on the ballot in July. The measure is the first climate-specific funding proposal to appear on a statewide California ballot.

What’s next: Prop 4’s success won’t end the lobbying for more climate funding. Dozens of environmental and social justice groups involved in climate bond negotiations were left disappointed that extreme heat funding fell short of their expectations. Those programs are likely to be at the center of calls for more money next legislative session.