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 appropriations, gifts, and investment income, and will be administered by the Department of Finance and Administration. Projects eligible for funding must focus on reducing greenhouse gas emissions, enhancing electric grid capacity and reliability, increasing renewable energy use, and supporting transportation initiatives that reduce reliance on combustion engine vehicles. Additionally, the fund will support economic development and worker training programs that align with these environmental objectives.

To ensure community involvement, the bill mandates that projects must include documentation of community meetings or a community benefits agreement with affected overburdened communities. The Department of Finance and Administration, in collaboration with the Energy, Minerals and Natural Resources Department, is tasked with developing a data tool to identify these communities, ensuring that data from tribal and indigenous populations are included. Furthermore, the bill requires annual progress reports from the administering agency to legislative committees, detailing the outcomes of funded projects.