The council’s primary discussion revolved around the establishment of a municipal climate bank designed to address climate change impacts, particularly along Boston’s extensive coastline. This proposal aims to leverage both public and private investments to fund critical projects, create green jobs, and foster a more resilient and equitable city. There was an emphasis on the importance of such an initiative for Boston’s future, given the evident challenges posed by climate change. The city’s Chief Climate Officer highlighted Boston’s historical investments in waterfront development and cleanup, stressing the existential threat climate change poses to these areas. This discussion included the need for a Climate Cabinet, comprising 13 chiefs, as part of a coordinated governance approach to achieve Boston’s climate goals.

The climate bank is envisioned as a financial institution that would fund projects reducing carbon emissions and enhancing climate resilience, addressing financial barriers that sustainable initiatives face. Examples from existing climate banks, such as those in Washington, D.C., and New York, were discussed. The council explored various funding mechanisms, including low-interest loans and public-private partnerships, to establish the bank and support local economic growth. The emphasis was placed on prioritizing marginalized communities in decision-making processes and ensuring the climate bank’s governance structure involves diverse stakeholders.

In parallel, the council addressed the city’s Anti-Displacement Action Plan, a comprehensive framework designed to mitigate housing instability and displacement risks for residents and small businesses. The plan, described as employing a “Three or Four P’s” strategy—Protecting residents, Preserving physical spaces, Producing affordable housing, and Promoting resident prosperity—aims to protect residents from displacement through direct services and resources. The plan also emphasizes preserving affordable housing, constructing new units, and fostering resident prosperity through homeownership and workforce development.

Councilors engaged in a discussion about the challenges tenants face, particularly in rising rent neighborhoods, and the need for legal protections and resources for those facing rent increases. The conversation highlighted the significance of developing affordable housing units accessible to vulnerable families and seniors and stabilizing small businesses amid rapid neighborhood development. The necessity for ongoing community engagement was stressed, recognizing that the plan requires continuous adaptation and feedback from residents to effectively address the multifaceted challenges of housing affordability, displacement, and small business retention.

The meeting also delved into the broader context of governance and the interconnectedness of Boston’s neighborhoods, with emphasis on the collective approach needed for climate resilience and displacement strategies. The council acknowledged the historical context of investments in Boston’s waterfront and the ongoing need for proactive measures to protect the city’s character and infrastructure. The potential for a Boston Climate Resilience Finance Authority was mentioned as a means to centralize efforts and ensure comprehensive neighborhood protection.