The bill establishes the "Community Benefit Fund" as a nonreverting fund within the state treasury, which will be administered by the Department of Finance and Administration. The fund will consist of various financial contributions, including distributions, appropriations, gifts, grants, donations, and investment income. The legislature will appropriate funds to support projects aimed at reducing greenhouse gas emissions, increasing electric grid capacity and reliability, promoting renewable energy, and addressing the impacts of climate change on communities. 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 a transfer of $340 million from the general fund to the newly created Community Benefit Fund. It outlines specific criteria for projects funded by the Community Benefit Fund, including the necessity for outreach to overburdened communities and the submission of annual progress reports to legislative committees. The bill also defines key terms related to climate change, energy efficiency, greenhouse gases, grid modernization, and renewable energy resources, ensuring clarity in the objectives and scope of the fund's initiatives.