Two climate change bills in California, SB 260 and SB 253, have passed the state legislature. These laws will require large publicly traded and privately held corporations operating in California to publicly disclose both their environmental impact, including Scope 3 emissions, and the financial implications of climate change. This goes beyond proposed federal climate disclosure rules as it includes privately held companies and mandates full Scope 3 disclosure. The laws will be implemented by the California Air Resources Board, with regulations expected to be passed by January 1, 2025, and companies will start filing disclosures in 2026.
Governor Gavin Newsom has expressed the need for some “clean up” to these measures, suggesting possible revisions. The California Chamber of Commerce has also stated the need for additional legislation in the future. However, Senator Scott Wiener, the author of SB 253, has cautioned against industry efforts that could potentially remove the Scope 3 reporting requirement, implying an attempt to weaken the bill. Overall, these new laws represent a significant step towards corporate transparency and commitment to addressing climate change in California.
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