A $41 billion fund to help climate change adaptation in Texas and Florida is being developed, and the fund is expected to be fully operational by the end of the year.
The Climate Action Fund is being created by the Climate Action Partnership, an umbrella group of private and public sector entities working to address climate change and its impacts.
The fund is designed to help local communities and businesses adapt to climate change risks and vulnerabilities.
The fund will include $40 billion over the next three years, and will be available to eligible organizations, according to the Climate Alliance, the group behind the fund.
The group is currently seeking funding to implement a number of innovative climate change mitigation measures in the state, and is partnering with private and nonprofit organizations to fund projects, the Climate Partnership said.
The climate fund, which will be funded through an initial $25 million allocation from the Climate Leadership Council, will be open to organizations across Texas and is expected start its work in the next two months, the coalition said.
In Texas, the climate fund is being organized by the Texas Climate Leadership Fund, which includes a number state and local agencies and organizations that work to address the climate impacts of climate change, according the Climate Campaign.