The proposed legislation establishes the "Community Benefit Fund" as a nonreverting fund within the state treasury, aimed at financing projects that address climate change and promote sustainability. The fund will be composed of various financial contributions, including distributions, appropriations, gifts, grants, donations, and investment income. The Department of Finance and Administration will oversee the fund, which will be allocated by the legislature to support projects that reduce greenhouse gas emissions, enhance electric grid capacity and reliability, promote renewable energy, and facilitate the transition away from fossil fuels. Additionally, projects must engage with overburdened communities through public meetings or community benefits agreements to ensure their concerns are addressed.

Furthermore, the bill mandates the development of a data tool by the Department of Finance and Administration, in collaboration with the Energy, Minerals and Natural Resources Department, to identify overburdened communities affected by climate change and other environmental issues. The legislation also requires annual reporting on the progress of funded projects to the appropriate legislative committees. Definitions for key terms such as "climate change," "energy efficiency," "greenhouse gas," and "renewable energy resource" are included to clarify the scope and intent of the fund and its projects.