Currently the suggestion is $15 per rateable property per council, although exactly how this money is collected is up to the individual councils to decide.
Hawke's Bay regional councillor Paul Bailey said he felt they should be doing more.
"This is an issue which has been created over generations ... because we are not collecting enough, we are asking future generations, my kids and my grandkids will be paying for it."
"That really frustrates me. Nevertheless I'd say it's a good start."
Hastings district councillor Tania Kerr said she believed in the fund but she was concerned about getting it past the councils with the current lack of detail.
"In my heart, it's the right thing to do, but we just haven't fine-tuned it enough that I can confidently talk to my council and hand on heart recommend this is the only way, or the best option to do it."
Napier city councillor Annette Brosnan said climate change is an issue which will be taken seriously over the next generations.
"The right for everyone and their families to access the Hawke's Bay coast is important and worth protecting."
The committee voted to recommend to the three councils that the fund is established and administered by HBRC.
It recommends councils start rating at a currently undetermined rate in the 2021/22 financial year, however this is subject to public consultation.
The recommendation is consulting on a preferred option of $15 per rating unit, which would bring the total to $30 per rating unit ($15 through regional rates, $15 through city or district rates).
The fund will be a first in New Zealand, and the vote was unanimous for its establishment.
Consultation will happen in the latter half of 2020.