Proposition 4: California’s Historic $10 Billion Climate Investment and Path to Resilience | Nossaman LLP

In the November 2024 election, California voters approved Proposition 4 – the Climate Bond, authorizing the state to issue $10 billion in general obligation bonds to fund climate resilience and environmental conservation projects.

The Legislature and Administration are currently debating how much of these funds will be available in the first year of allocations. The Governor’s 2025-26 January State budget proposal outlines his proposal for Proposition 4 allocations, but the final State budget and allocation of these funds will be negotiated with the Legislature until a final State budget is enacted by June 30.

In Nossaman’s California Water Views – 2025 Outlook, I discuss the opportunities that Proposition 4 brings to the water industry.