The California legislature is considering a new multi-billion-dollar climate bond to address future climate-change related disasters, according to reporting by ABC News. Far from the frivolous climate litigation schemes and anti-industry rhetoric being pitched by activists, this bond could offer a common sense solution to the Golden State’s climate resiliency concerns, without wasting taxpayers funds or demonizing an industry that employs hundreds of thousands of people, contributes millions to the state’s GDP, and powers the everyday lives of Californians.
According to the Wall Street Journal, climate bonds are “fixed-income securities” that “must get used for projects that benefit the environment. For example, the cash could finance the purchase of solar panels to power office buildings.”
The $4.2 billion-dollar climate bond package being considered by California legislators would provide anticipatory funding for reducing wildfire risk, protecting farmland from climate change, bolstering the state’s scare water sources, and helping coastal communities plan for sea level rise – the key issue at the heart of the two consolidated climate lawsuits pending in the state.
Read more at EIDClimate.org.
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