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, and investment income. The Department of Finance and Administration will oversee the fund, which will be allocated by the legislature for projects that aim to reduce greenhouse gas emissions, enhance electric grid capacity and reliability, promote renewable energy, and support economic development and worker training related to climate change mitigation.

Additionally, the bill mandates that projects funded by the Community Benefit Fund must engage with overburdened communities through public meetings or community benefits agreements to ensure their concerns are addressed. 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. Annual reports on the progress of funded projects will be submitted to legislative committees for evaluation.