Three California state senators are backing a $10 billion climate bond developed by environmental and social justice groups as an alternative to a separate spending proposal moving through the Senate. This push comes just a week before the June 28 deadline to place bonds on the November ballot. Senators María Elena Durazo, Lola Smallwood-Cuevas, and Dave Cortese have called on Governor Gavin Newsom and legislative leaders to support a bond that allocates at least 40 percent of its funding to disadvantaged communities most affected by climate change — a concept known as Justice40.
Environmental groups are also urging California lawmakers to propose this multibillion-dollar climate resilience bond for the November 2024 ballot as climate funding faces likely cuts in the state budget. Nearly 180 organizations have petitioned Newsom and state legislators to pass the $10 billion climate bond.
California, known for its environmental leadership, faces a $45 billion budget deficit, threatening further climate funding cuts. Proposed legislation includes AB 1567 and SB 867, both targeting climate resilience with bonds over $15 billion. Lawmakers are negotiating to finalize the bond measure by the end of June, aiming for a responsible size.
However, public support for new bonds is low, with only 34 percent of residents favoring the idea. Despite this, environmental, water, and renewable energy groups emphasize the necessity of this funding for the state’s climate and infrastructure resilience.
