The Biden administration announced Thursday that it will invest $700 million in long-term water conservation projects in the Lower Colorado River Basin.

According to the Department of the Interior, the investment could save more than 700,000 acre-feet of water in Lake Mead.

An acre-foot of water is the amount it would take to cover one acre of land with one foot of water, or about 326,000 gallons. That’s enough to provide a year’s water supply to two, four-member families.

The funding from the Inflation Reduction Act will fund projects, such as water distribution structures, advanced metering infrastructure, farm efficiency improvements, canal lining, turf removal, groundwater banking, desalination, recycling water and water purification.

The administration said the projects are “critical for enhancing the Colorado River’s Lower Basin’s long-term drought and climate resilience.”

The Lower Basin states are Arizona, Nevada and California, which holds the most senior water rights on the Colorado River.

The administration said the river supplies water for more than 40 million people, fuels hydropower resources in seven U.S. states, is a crucial resource for 30 tribal nations and two states in Mexico, as well as supports 5.5 million acres of agriculture and agricultural communities across the West.

In February, Lake Mead reached its highest level in three years. But the historic 23-year drought has led to record low levels at both lakes Mead and Powell, endangering hydropower generated at Hoover Dam on Lake Mead, and the Glen Canyon Dam on Lake Powell.

The administration said the announcement on Thursday is for “Bucket 2” projects being funded by the Lower Colorado Basin System Conservation and Efficiency Program. It represents the largest investment in tackling climate change in history.

“The Biden-Harris administration is committed to making western communities more resilient to the impacts of climate change,” said Secretary of the Interior Deb Haaland. “Building on our significant efforts to protect the Colorado River System, we are continuing to make smart investments through the President’s Investing in America agenda to strengthen the stability and sustainability of the Colorado River System and support the 40 million people who rely on this basin now and into the future.”

Bureau of Reclamation Commissioner Camille Calimlim Touton added, “We are already seeing returns on the historic investments made by the Biden-Harris administration in the Lower Colorado River Basin, with commitments to save more than 1.7 million acre-feet of water in the basin through 2026 facilitated largely through the Bucket 1 program.”

“These Bucket 2 projects will build long-term resiliency in the basin by investing in system efficiency projects across all sectors,” she also said. 

Touton is among the featured speakers on Thursday at the 44th Annual Colorado Law Conference on Natural Resources, held at CU-Boulder’s law school.

Gov. Jared Polis is expected to address the conference Thursday morning. The two-day conference, hosted by the Getches-Wilkinson Center for Natural Resources, Energy, and the Environment, will focus on the Colorado River’s next chapter, including what happens after the current interim guidelines governing its operation expire in 2026.

Touton will speak on the federal government’s role in managing the river post-2026.