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Climate Change Resiliency Fund for America Act of 2023
2/6/2024, 2:30 AM
Summary of Bill S 3416
The key provisions of the bill include the creation of a Climate Change Resiliency Fund, which would be used to provide grants to states, local governments, and tribal nations for projects that enhance resilience to the impacts of climate change. These projects could include infrastructure improvements, disaster preparedness initiatives, and community resilience programs.
In addition to providing funding for resiliency projects, the bill also includes provisions to support research and development efforts related to climate change adaptation and mitigation. This includes funding for scientific research, technology development, and data collection efforts aimed at better understanding and addressing the impacts of climate change. The bill also includes measures to promote equity and environmental justice in the distribution of funds, ensuring that vulnerable communities and populations are prioritized in resiliency efforts. This includes requirements for community engagement, stakeholder consultation, and the consideration of social and economic factors in project selection and implementation. Overall, the Climate Change Resiliency Fund for America Act of 2023 represents a comprehensive and proactive approach to addressing the impacts of climate change and building resilience in communities across the United States. If passed, the bill has the potential to significantly enhance the nation's ability to adapt to and mitigate the effects of a changing climate.
Congressional Summary of S 3416
Climate Change Resiliency Fund for America Act of 2023
This bill provides support to address the impacts of climate change.
Specifically, the bill authorizes the Department of the Treasury to issue up to $1 billion in climate change obligations (e.g., bonds) in a fiscal year, with bond proceeds going into the Climate Change Resiliency Fund established by this bill. The fund must be used for a program that finances projects that reduce the economic, social, and environmental impact of the adverse effects of climate change. A percentage of those funds must be used to benefit communities that experience disproportionate impacts from climate change.
The Climate Change Advisory Commission, established by this bill, must provide recommendations and guidelines for the program and identify categories of the most cost-effective investments and projects that emphasize multiple benefits to commerce, human health, and ecosystems.