Santa Fe, NM – Today, the New Mexico Senate Finance Committee voted to advance Senate Bill 48, the Community Benefit Fund, marking a major step toward ensuring that communities statewide have the resources to invest, adapt, and innovate in the face of a changing climate.
Sponsored by Senate Pro Tempore Mimi Stewart (D-Albuquerque), the Community Benefit Fund (CBF) is a key component of the Clear Horizons Act, providing $340 million in funding for locally driven projects that improve infrastructure, expand clean energy, and create economic opportunities across urban and rural New Mexico.
“We cannot afford to wait until the next wildfire, flood, or water crisis before taking action,” said Senator Mimi Stewart. “The Community Benefit Fund puts resources directly into the hands of communities so they can prepare for the future, protect their residents, and strengthen their economies—ensuring that every New Mexican benefits from these investments.”
The cost of extreme weather fueled by climate change is rising at an alarming rate—according to the National Oceanic and Atmospheric Administration, since 1980, the U.S. has experienced over $2.6 trillion in climate-related disasters, with New Mexico alone facing over $150 million in state-funded emergency response costs in 2024 through executive order. Without proactive investments, these costs will continue to grow, draining public resources and leaving communities unprepared.
The CBF will fund community-led projects that reduce pollution, increase access to clean energy, and improve infrastructure to help towns and cities become more resilient in the face of extreme weather.
“This bill is more than just a climate initiative—it is a blueprint for future-proofing our state’s economy by creating meaningful job opportunities,” said Victoria Alarcon Macias with the Semilla Project. “By prioritizing these investments, we can build a stronger, more sustainable economy while empowering the next generation with the skills and opportunities needed to thrive in the clean energy transition.”
The Clear Horizons Act and companion bills, the Community Benefit Fund and the Innovation in Government Act, create the policy, investment, and regulatory framework New Mexico needs to become a national leader in sustainability. These bills ensure that New Mexico invests in solutions today, rather than paying the price for inaction tomorrow.
“We’re already spending hundreds of millions each year responding to natural disasters. The Community Benefit Fund is a proactive approach—helping New Mexicans prepare before the next crisis strikes,” said Senator Stewart.
Senate Bill 48, passed the Senate Finance Committee on a 7-4 party line vote. With Senate Finance Committee approval, Senate Bill 48 now advances to the full Senate.
For more information, visit www.clearhorizonsnm.org.
