The California Infrastructure and Economic Development Bank (IBank), part of the Governor’s Office of Business and Economic Development, is now accepting project proposals for a new state program to combat climate change. Dubbed the Climate Catalyst Fund, the program will jumpstart critical climate solutions through flexible, low-cost credit and credit support. The program is open to both private and public sector applicants and will be flexible in offering a range of financial instruments to support innovative forest biomass projects.
Starting with a $47 million fund, the Climate Catalyst Fund’s initial focus will be on projects that reduce wildfire threats through forest biomass management and utilization. Starting in 2022-23, the Climate Catalyst Fund expects to expand to include climate-smart agriculture projects.