California voters are deciding whether to approve $10 billion in bonds for climate and environmental projects.
A stack of empty five-gallon water containers at Shady Lane Estates in Thermal on March 23, 2023. According to some residents, there is no clean drinking water from the mobile park, so these five-gallon containers are their only option. Pablo Unzueta for CalMattersAs California voters go to the polls today, they’ll decide whether to approve $10 billion in bonds for climate and environmental projects.
The bond measure would be a down payment aimed at water security, wildfire management, and resilience against intense heat waves, floods and even rising sea levels, he said. Paying off the bonds would cost the state about $400 million a year, for a total of $16 billion, according to the state’s. Taking inflation into account, that’s about 10% more than if the state paid for the projects without using debt.“It’s going to take 30 to 40 years to pay this bond back. And look, there’s infrastructure projects I would support that take bonds to finance, but last longer than the actual financing,” Jones said.
Water projects would get the bulk of the money, about $3.8 billion. Half of that portion, $1.9 billion, would be spent on improving water quality, while the rest would be spent on protecting the state from floods and droughts, and other activities, including restoring rivers and lakes.Funds from the measure would also be directed toward wildfire risk reduction, coastal protection, clean energy initiatives and sustainable agricultural practices.
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