The Senate Finance Committee has advanced the Community Benefit Fund initiative, composed of Senate Bills 48 and 49. The committee approved Senate Bill 48 with a 7-4 vote on February 19, while its companion bill, Senate Bill 49, which contains the funding provisions, remains under consideration. It is expected to be incorporated into House Bill 2, the state budget bill.

The proposed Community Benefit Fund aims to allocate $340 million to communities disproportionately affected by climate change. The funds would support workforce development and retraining programs, renewable energy projects, infrastructure improvements, energy efficiency upgrades, and other initiatives designed to reduce carbon emissions and foster a sustainable economy.

Clear Horizons New Mexico—a coalition representing environmental, social justice, and conservation advocates from across the state—has expressed strong support for this legislative effort. The coalition includes members such as New Mexico & El Paso Interfaith Power & Light; 350 New Mexico; American Lung Association in New Mexico; Center for Civic Policy; Coalition for Clean Affordable Energy; Conservation Voters New Mexico; Environmental Defense Fund; NRDC (Natural Resources Defense Council); Sierra Club Rio Grande Chapter; and Western Resource Advocates among others.

According to Clear Horizons New Mexico: "At Clear Horizons, we celebrate our promise and commitment to keeping New Mexico beautiful and prosperous for everyone, now and in the future."