This bill creates a new Climate Change Resiliency Fund to help communities adapt to climate change impacts like flooding, extreme heat, drought, and severe storms. The government will issue special bonds (called climate change obligations) to raise money for this fund, starting with $200 million per year, with the ability to issue up to $1 billion in years when demand is high.

The money will go toward infrastructure projects that make communities more resilient to climate threats. This includes protecting water supplies, improving transportation systems, strengthening power grids, protecting farms, and preparing disaster response plans. At least 40 percent of the funding must benefit communities that are already hit hardest by climate change and pollution—including low-income neighborhoods, communities of color, and areas with environmental justice concerns.

The bill establishes an 11-member advisory commission made up of climate experts from government, business, and universities to develop guidelines for which projects should receive funding. States, cities, tribal governments, nonprofits, and other organizations can apply for grants to carry out these projects. Importantly, the bill requires that workers on these projects be paid prevailing wages, and it allows the government to waive the typical requirement that communities provide matching funds, especially for poorer areas that can't afford to contribute.

The fund will operate for 20 years, giving communities two decades to plan and implement climate adaptation projects with federal support.