Governor Newsom of California signed a $15 billion environmental package that funds programs to tackle droughts, clean energy, and climate change. This comes after California’s devastating wildfire season, which seems to get worse with each passing year.
The $15 billion package includes:
- $5.2 billion for emergency drought relief projects and expanding California’s water supplies.
- $3.7 billion is for projects that will mitigate extreme heat and rising sea levels.
- $1.5 billion in wildfire prevention.
Though President Joe Biden has committed to reducing carbon across the US, he has received significant pushback from the Republican party. California’s announcement is a welcome one since Congress may use it as a reference point for federal legislation.
With climate change continuing to cause severe weather events worldwide, it is a surprise that more states aren’t supporting environmental programs. Precipitation this year alone was at the lowest it has been in the southwest since 1895. And, according to the National Oceanic and Atmospheric Administration, temperatures were some of the warmest on record.
It’s safe to say Governor Newsom didn’t have much choice but to act through this $15 billion package. Drought conditions are only likely to worsen and repeat themselves, and California cannot afford for that to continue.
As a point of reference, wildfires in 2020 cost the state almost $10 billion. So, the cost of climate change unaddressed is far more than this $15 billion investment.
In addition to new technologies and regulations, the carbon credit and offset industry can also combat climate change. The market is expected to hit $22 trillion by 2050, potentially improving ecological conditions and sustainability while sparking economic growth.