Lawmakers seek to fast-track $10 billion in climate bonds

from Nadia LathanCalMatters

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Democratic lawmaker pushes proposal to accelerate $10 billion in funding for climate programs more than a year after voter approval Statement 4the state’s largest investment to combat climate change.

MP David Alvarez of Chula Vista entered People’s Bill 35 to cut some provisions related to Proposition 4 to more quickly disburse the billions of dollars voter-approved for water improvement, wildfire and drought preparedness plans.

The bill, which moved out of the Assembly Appropriations Committee on Thursday, would free up funding under Prop. 4 of review under the Administrative Procedure Act, which dictates how government agencies follow rules and regulations and can cause long delays in implementing programs.

California voters have approved numerous billion-dollar bonds over the past two decades, some of which have faced lengthy delays due to costly regulatory hurdles. Voters in 2014 approved Proposition 1, allocating $1 billion for a Sacramento Valley water storage project that remains under construction. Proposal to speed up construction high-speed rail by streamlining permits failed in the Legislature last year, despite voter approval of the $10 billion bond to build it nearly two decades ago.

For environmental bonds, the largest chunk of money, $3.8 billion, was approved to go toward updating drinking water systems and drought resilience.

Alvarez said his bill is a priority for consideration sewage pollution in the Tijuana River, which affects his area along the U.S.-Mexico border and could provide up to $30 million for cleanup projects near the river. The legislation could also help speed up funding for other climate projects by 12 to 18 months.

“The release is not new or unprecedented,” Alvarez said. “The urgency is especially real in my area, where communities have experienced years of sewage pollution.”

The bill is supported by local governments and environmental groups such as the Wilderness Society and the National Audubon Society. There is no official opposition.

Opponents of climate bonds at the time criticized the amount of debt taxpayers would be taking on. They also pointed to likely project delays and a lack of accountability on where the money will go. Paying it off is expected to cost taxpayers $16 billion over 40 years, according to a legislative analysis.

Last year, lawmakers appropriated $250 million of the $10 billion in bonds to unrelated projects in their fields as the state faced a budget deficit and cut social services and government positions. Some of those target brands include $50 million for a redwood trail in former Democratic Senate President Pro Tem To Mike McGuire Santa Rosa area and $1 million for an interactive water exhibit in a Santa Barbara Museum in a Democratic senatorial district. Monique Lemon, who represents the district and currently leads the state senate.

Voters approved Proposition 4 with the expectation that it would quickly address climate-related issues, and this bill will help achieve that, Alvarez said at a committee hearing last week.

The Wildlife Conservation Board, one of the state agencies expected to receive funding from Prop. 4, had a quarter of its $339 million allocation for additional earmarked funds for special projects in legislators’ districts, such as $16 million to prevent the urban development of San Julian Ranch in the Santa Barbara area of ​​Assemblyman Greg Hart, Democrat.

AB 35 will not affect legislative stamps approved by the bond.

Senate Minority Leader Brian Jonesa San Diego Republican who led opposition to Proposition 4 in 2024 and criticized subsequent earmarks is among the bill’s 30 bipartisan co-sponsors.

“My job is to make sure San Diego participates in this kind of funding,” Jones said. “AB 35, in my opinion, is good governance. Because its purpose is to eliminate delays and waste in eliminating these processes.”

As many as nine projects could receive accelerated funding for the river, where little action has been taken at the state level.

The bill awaits a vote in parliament next week.

This article was originally published on CalMatters and is republished under Creative Commons Attribution-NonCommercial-No Derivatives license.