Last year, legislators passed, the governor signed, and California voters approved, a ten billion dollar climate bond (the Safe Drinking Water, Wildfire Prevention, Drought Preparedness, and Clean Air Bond Act of 2024, SB 867 (Allen), which appeared on the November ballot as Proposition 4). While the bond act’s full title largely tells the story of its contents, the water- and resilience-focused spending may not be what all Californians expected from the state’s first self-proclaimed climate bond. … The negotiations will continue to unfold, but in the meantime, it is helpful to look at the contents of the bond’s legislative language. Some may be surprised to learn, for example, that the bond primarily addresses climate adaptation and resilience, rather than climate mitigation such as clean energy infrastructure. This post outlines some major areas, projects, and funding within the language passed in 2024.