"Newsom Signs First-In-The-Nation Corporate Climate Disclosure Bills"

"The laws will require large corporations operating in the state to disclose both their carbon footprints and their climate-related financial risks."

"SACRAMENTO, Calif. — Democratic Gov. Gavin Newsom signed two bills Saturday that would require large corporations operating in the state to disclose both their carbon footprints and their climate-related financial risks starting in 2026.

Background: SB 253, by Sen. Scott Wiener (D-San Francisco), and SB 261, from Sen. Henry Stern (D-Sherman Oaks), are the two most ambitious climate bills to come out of deep-blue California this year.

The laws faced heavy opposition from groups like the California Chamber of Commerce and the Western States Petroleum Association. Both authors amended their bills late in session to delay implementation and roll back corporate penalties for noncompliance. For SB 253 in particular, those amendments led companies like Google and Apple to support the bill and, ultimately, get enough Assembly Democrats on board to land it on Newsom’s desk."

Jordan Wolman reports for Politico Octobeer 7, 2023.

SEE ALSO:

"How Much Carbon Pollution Do Big Companies Produce? A New California Law Will Force Them To Say" (Sacramento Bee)

"California Climate Bills to Boost Efforts in NY, Other States" (Bloomberg Environment)