FOR IMMEDIATE RELEASE
Monday, March 8, 2021
SAN DIEGO – Tomorrow, the San Diego City Council will hear a discussion item on the creation of a Climate Equity Fund (CEF). This fund is intended to provide a mechanism to allow the City to target annual funding towards building infrastructure projects that will allow disadvantaged communities to be resilient and adapt to climate change. The CEF would be funded annually through allocation of a percentage of the following revenue sources: Gas Tax, Transnet, and Annual Gas and Electric Franchise Fees. CEF funding allocations to specific projects would be made during the City’s annual budget process.
Disadvantaged communities experience a lack of infrastructure such as, deficient park acreage, unimproved streets lacking pedestrian and bicycle improvements, and insufficient street lighting. If the Council approves the creation of a CEF, then beginning in FY22, the fund will be funded with the identified revenue sources ($4.8M) and that funding will be available to be used on projects in eligible areas in the FY22 budget, which will be proposed in April and adopted in June.
WHO: San Diego City Council
WHAT: Item 332: Creation of a Climate Equity Fund
WHEN: Tuesday, March 9, 2021 – Council Meeting begins at 11AM. CEF Item estimated to be heard closer to 1PM.
WHERE: Meeting Webinar: https://sandiego.zoomgov.com/j/1601405223