CA AB1384

Requires the Natural Resources Agency to release a draft of the Safeguarding California Plan (state climate adaptation strategy) by January 1, 2024, and every 3 years thereafter, with final updates due by July 1, 2024, and every 3 years thereafter.

Mandates the plan identify vulnerabilities to climate change by sector and for vulnerable communities, define "climate resilience" for each sector, establish timetables and specific metrics to measure implementation progress, and include special protections for disproportionately impacted communities and industries.

Requires lead agencies to inform vulnerability identification using the California Climate Change Assessment, climate science research programs, climate health indicators, and other peer-reviewed research.

Adds equity as a priority objective for state agencies, requiring public expenditures on climate adaptation to prioritize protecting vulnerable communities, rectifying systemic inequities, and enhancing low-income communities' climate resilience abilities.

Authorizes the Treasurer and financing authorities to leverage public and private capital investment to provide loans and other incentives to help state agencies achieve the plan's goals.