New Yorkers authorized the state to sell $4.2 billion in bonds to fund climate change mitigation on Tuesday.
The measure, called Proposal 1, also known as the Clean Water, Clean Air, and Green Jobs Environmental Bond Act of 2022, passed with a resounding "yes" at the ballot.
Ballot measure details
Proposal 1 authorizes the New York state comptroller to sell bonds to help fund initiatives that "preserve, enhance, and restore New York's natural resources and reduce the impact of climate change."
Up to $1.5 billion would be set aside for climate change projects, such as green building projects, urban forestry efforts, and carbon and methane sequestration. This money would also go toward solving air pollution in disadvantaged communities.
Up to $1.1 billion would go to restoration and flood risk reduction, $650 million would go to open space land conservation and recreation, and $650 million would go towards water quality improvements and resilient infrastructure.
At least 35% of the funds would be allocated toward communities most affected by climate change.