It is no secret that climate change is already taking its toll on California. Severe droughts, floods, historic wildfires, rising sea levels and increasing temperatures due to climate change have plagued the state for years — and there is no sure sign of relief. California’s Fourth Climate Change Assessment projected that by 2100, the average annual maximum daily temperature will increase by 5.6 to 8.8 degrees, water supply from snowpack will decline by two-thirds, 77% more area will be burned by wildfires on average, and sea level rise and other issues will continue to damage communities. Californians must take action to mitigate climate change and become more resilient to its impacts by voting yes on Proposition 4.
Prop. 4 would authorize a $10 billion bond to finance environmental projects. The proposition requires regular public auditing of how the bond money is spent and that at least 40 percent of it is used to benefit lower-income communities or those most susceptible to climate change’s effects. The funds would be allocated to various initiatives across the state to better prepare California to handle climate change. The largest portion of the bond, $3.8 billion, would be dedicated to improving the security of the state’s water supply by increasing the amount and quality of water available, improving water storage for use in future droughts and reducing the risks of floods by repairing dams and capturing stormwater to be reused. The bond would also make the state more resilient to climate change by funding initiatives to reduce the impact of extreme heat, such as adding trees and greenspaces, providing places for people to go during heat waves or other natural disasters and giving communities grants to conduct activities that reduce air pollution and provide other environmental benefits. Protection against sea level rise will also be supported.
Much of the money will also fund efforts to reduce California’s environmental footprint. This includes an $850 million investment in clean energy infrastructure, which will ultimately reduce the state’s reliance on fossil fuels. Funds will also support the implementation of more sustainable agricultural practices to reduce pollution, use less water, expand recreational opportunities at parks and restore habitats.
Prop. 4 will reduce the costs of natural resources and climate-related activities for local governments as many will be subsidized by the state bond funds. This could encourage them to build larger projects while saving money. However, critics raise concerns about the financial implications for the state.
The state must make $400 million annual payments for 40 years to repay the bond. It will need to pay interest on the borrowed money, making the cost approximately 10 percent higher than if the state paid up front with money it already has in the General Fund. That being said, the payments to repay the bond would only account for one-half of one percent of the state’s General Fund budget. Additionally, by reducing the risk and impact of future climate-related disasters, the bond will prevent greater expenses for the state down the line.
Unfortunately, the threat of climate change is not disappearing anytime soon. California needs to reduce its environmental footprint and improve its resilience to the effects of climate change. To achieve this and ensure the future of our state, vote yes on Prop 4.
