As State and federal policymakers are making massive investments in climate change solutions to reduce greenhouse gas emissions and build resilience in the communities most impacted by climate change, California has been at the vanguard. Ten years ago, the state of California launched a climate funding initiative with an intentional emphasis on equity known as California Climate Investments (CCI). With a 10-year track record, CCI offers crucial lessons and evidence that can help state and federal governments address inequitable systems that fuel the climate crisis, while creating a path for urgently needed climate solutions in the places that face the greatest threats. Overall, this report offers something novel: the most comprehensive third party equity analysis of the nation’s longest running portfolio of equity-centered climate investments. Through intensive research, conversations, and analysis, the authors delved into the heart and details of CCI, engaging with 100-plus interviewees and stakeholders. Through a comprehensive analysis, the report found CCI aspects that are excellent with regard to equity, areas where delivering on equity can be improved, and places where the promise of equity has been derailed.