OPINION Investing in New Mexico’s future: The power of the Community Benefit Fund

New Mexicans are among those best acquainted with the costs of climate change today. Fires and floods have devastated communities, taken the homes and lives of our neighbors and loved ones. Water scarcity and failing infrastructure has harmed towns like Las Vegas and are a constant anxiety for communities around the state. New Mexico needs resilient infrastructure to prepare, and we must do our part to reduce pollution and improve air and water quality in our communities. That’s exactly what Senate Bill 48 aims to do through the creation of a new Community Benefit Fund. The CBF is a transformative proposal to fund projects that reduce pollution, expand renewable energy, strengthen infrastructure and create high-quality jobs. By putting resources directly into the hands of local communities, this fund would ensure a more sustainable, prosperous and equitable future for all New Mexicans. Turning one of our state’s greatest vulnerabilities into an opportunity.

New Mexico is feeling the effects of climate change. This winter has been the hottest in recorded history, snowpack is extremely low, and if we don’t receive more moisture, our family farms that rely on the runoff will suffer and our forests will burn. We cannot afford to wait. The CBF would provide immediate and strategic investments in projects that cut emissions and energy costs, modernize our energy grid to prevent a major cause of wildfires and create long-term economic opportunities beyond the fossil fuel industry.

Among its key investments:

• $100 million to increase grid capacity, resilience and reliability, ensuring our energy system can handle growing demand and clean energy sources.
• $28 million to spur economic development in growing industries like clean energy, sustainable agriculture, outdoor recreation and technology.
• $25 million for worker training programs to equip New Mexicans with the skills needed for highly skilled roles in emerging industries.
• $15 million to expand bicycle and pedestrian infrastructure, reducing traffic congestion and pollution.
• $15 million to fund energy efficient upgrades in New Mexico’s aging housing stock.

Unlike one-size-fits-all policies, the CBF would empower local governments, businesses and organizations to develop tailored solutions that meet the specific needs of their communities. This means funding for projects that directly improve quality of life and support our climate goals — from energy-efficient housing upgrades that lower energy bills to sustainable transportation initiatives.

While oil and gas are indispensable today, a sustainable economic approach is crucial for the future. Today, we have a once-in-a-generation opportunity to diversify and modernize our economy. Investing in renewable energy, infrastructure and workforce training would not only create a pathway to a cleaner future but also ensure stable, well-paying jobs for generations to come.

Every dollar invested through the Community Benefit Fund strengthens New Mexico’s future. Every dollar we fail to invest in our future will only leave our communities unprepared for the costs of a hotter, drier New Mexico. The Community Benefit Fund is the smart, forward-thinking investment we need. The stakes could not be higher. Now is the time to act.