The Los Angeles City Council approved a Climate Equity Fund for the city during its meeting Friday.
The council voted 12-0 to adopt an ordinance establishing the special fund within the city treasury that would receive and disburse funds from the Southern California Gas Company. The funds will be used to support low-income neighborhoods or populations that are affected disproportionately by climate change, according to the ordinance.
The council will also be able to deposit money into the fund from any other source, according to the ordinance. The council has final approval over expenditures from the fund.
Money in the Climate Equity Fund will stay in the fund at the end of each fiscal year instead of being reverted to the reserve fund.
