The proposed bill 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, the bill emphasizes the importance of community engagement by requiring projects to include documentation of community meetings or agreements with overburdened communities.

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 disproportionately affected by climate change and other environmental issues. The bill also stipulates that project reports must be submitted annually to legislative committees to evaluate progress and outcomes. Definitions for key terms such as "climate change," "energy efficiency," and "renewable energy resource" are provided to clarify the scope and intent of the fund and its associated projects.