Legislature eyes climate bond to prepare for disasters

SACRAMENTO >> In a state burdened by billions of dollars in wildfire damage, California lawmakers are hoping for an advance loan before the next climate-fueled catastrophe hits.

Lawmakers in the Democratic-dominated state Legislature return to work today for the second year of a two-year session. Their todo list includes a $4.2 billion climate bond, an ambitious proposal to borrow money before they need it to prepare for the types of natural disasters that have plagued the state.

The disasters are so destructive they forced the nation’s largest utility, Pacific Gas & Electric, to file for bankruptcy last year.

The borrowing proposal is one of dozens of holdover bills from last year that are still alive in 2020 but must pass at least one legislative chamber by the end of January to have a chance at becoming law.

The logjam is complicated by an accelerated election cycle that puts many lawmakers on primary election ballots in March instead of June, making it less likely for politically risky proposals to advance.

“We have kind of a perfect storm,” said veteran Democratic political consultant Andrew Acosta.

Catastrophic wildfires have destroyed thousands of homes, generating billions of dollars in insurance claims and costing taxpayers billions more in cleanup costs.

The bulk of the borrowing proposal, detailed in similar efforts written by Democrat Ben Allen in the Senate and Democrat Eduardo Garcia in the Assembly, would go toward reducing wildfire risk throughout the state. It also includes money to protect farmland from climate change, bolster the state’s scarce water sources and help coastal communities plan for sea level rise.

The $4.2 billion price tag could grow as lawmakers discuss adding more projects for things like buying solar batteries and fuel cells to keep the lights on at nursing homes and other vulnerable sites when utility companies preemptively shut off electricity to prevent wildfires during windy conditions.

“We’ve been really good about investing in suppression — in other words, firefighters and helicopters,” said Democratic Sen. Henry Stern. “We haven’t done that good of a job in prevention.”