Two Bills Related to Climate Reporting Pass California State Legislature
Two Bills Related to Climate Reporting Pass California State
September 18, 2023
Two bills related to climate reporting recently passed the California state legislature
and will become law if they are signed by Governor Gavin Newsom.
Under SB-253, the “Climate Corporate Data Accountability Act,” both
public and private U.S. entities that “do business in California” and that have annual
total revenues of more than $1 billion would be required to disclose Scope 1, 2, and 3
greenhouse gas emissions data.
SB-261, “Greenhouse Gases: Climate-Related Financial Risk,” is a
companion bill to SB-253 and would apply to companies with more than $500 million of
annual total revenues. This law would mandate certain disclosures about climate-related
reporting risks as well as companies’ measures for mitigating and adapting to those
Governor Newsom has until October 14, 2023, to decide whether to sign or veto the