The Biden administration reached consensus Monday on a historic Colorado River Basin conservation deal after securing agreement from California, Arizona, and Nevada.

The agreement is slated to last through the end of 2026 and will conserve at least 3 million acre-feet of water, the Interior Department said in a statement Monday.

Of those conservation savings, 2.3 million acre-feet will be compensated through more than $1 billion in federal funds from the Inflation Reduction Act, which supports efforts to increase near-term water conservation of the Colorado River System, as well as to build long-term system efficiency and prevent its reservoirs from falling to critically low levels.

“There are 40 million people, seven states, and 30 Tribal Nations who rely on the Colorado River Basin for basic services such as drinking water and electricity," Interior Secretary Deb Haaland said in a statement Monday.

"Today’s announcement is a testament to the Biden-Harris administration’s commitment to working with states, Tribes and communities throughout the West to find consensus solutions in the face of climate change and sustained drought," she said.

This is a developing story.