The proposed bill establishes the "Innovation in State Government Fund," a nonreverting fund within the state treasury aimed at enhancing state agencies' capacity to address climate change. The fund will be administered by the Department of Finance and Administration and will consist of various financial contributions, including appropriations, gifts, and investment income. Funds can be appropriated to state agencies for creating master plans and implementing strategies to achieve net-zero emissions, promote sustainable economic policies, and provide technical support for grant applications related to climate change. Additionally, the bill allows for the fund to be used to prevent unconstitutional deficits in the general fund by appropriating necessary amounts when general fund balances are insufficient.

State agencies receiving funding from this new fund are required to submit annual reports and budgets detailing their planned expenditures and any proposed changes to their program structures. The bill also defines key terms such as "greenhouse gas," "net-zero emissions," and "sustainable economic policies," emphasizing the importance of job creation and economic diversification in the context of climate change initiatives. Overall, the legislation aims to bolster the state's efforts in combating climate change while ensuring fiscal responsibility.