An Act establishing sustainable and equitable funding for climate change adaptation and mitigation

This bill creates a new Climate & Community Resilience Fund in Massachusetts to support climate change efforts, with a specific focus on low-income communities and people of color who face environmental injustices. The fund will be financed through property insurance fees, state appropriations, bonds, investment income, and other designated sources, ensuring that any leftover money stays in the fund for future use rather than returning to the general state budget. An eleven-member independent board will manage the fund, with two-thirds of its seats reserved for representatives from community-based organizations to ensure local leadership and diverse perspectives. The legislation also formally defines "Community-Based Organization" to ensure these groups meet specific criteria regarding resident involvement and fair workplace standards.