California Governor Wants $12.5 Billion for Climate Plan, Bond (2)

California Gov. Gavin Newsom’s $222 billion proposed budget includes $12.5 billion over five years for climate initiatives focused on decarbonizing transportation, water resilience, and other measures.

As part of the proposal released Friday, the administration will push a $4.8 billion climate resilience bond for the November 2020 ballot to address near-term risks from flood, fire, and drought, as well as future effects of sea level rise and higher temperatures.

“If approved by the voters, the bond will help the state move toward achieving carbon neutrality and carbon sequestration goals, and provide funding for programs that result in multiple benefits, leverage ...