California Approves $10 Billion Climate Bond, Includes $475 Million for Port Upgrades for Offshore Wind

lawmakers have passed SB 867, a significant climate bond legislation totaling $10 billion, which earmarks $475 million for upgrading ports to facilitate the state's transition to wind energy.

The investment is seen as crucial to achieve California's targets of 5GW of offshore wind by 2030 and 25GW by 2045.

Offshore Wind California, a coalition of developers and technology firms in the sector, expressed optimism about the legislation, stating, “This is great news for California ports and offshore wind, and for all the workers and residents who will build and use the gigawatts of reliable clean power from this important resource. We thank the legislative leaders in the Senate and Assembly for their support for offshore wind and ports in the climate bond and we urge the Governor to sign the measure, which will go before voters on the November ballot.”

The move follows the release of California's final strategic plan by the Energy Commission, mandated under the AB 525 law signed by Governor Gavin Newsom in 2021.

The plan outlines steps to scale up offshore wind, including a multi-port strategy, new electric transmission , streamlined permitting processes, robust supply chain development, workforce training, stakeholder engagement, and identifying suitable sea areas to achieve the ambitious 25GW target.

The strategic plan estimates that $11-12 billion will be needed to upgrade existing port infrastructure to support offshore wind development.

California aims to position itself as a global leader in floating offshore wind technology, aiming to integrate it prominently into its clean energy portfolio to achieve 100% clean by 2045.

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