Wed. Sep 27th, 2023
    California Governor Plans to Sign Climate-focused Bills Requiring Corporate Transparency

    California Governor Gavin Newsom has announced his intention to sign two climate-focused bills into law. These bills aim to increase transparency among major corporations regarding their greenhouse gas emissions and the financial risks associated with global warming. The announcement was made during Newsom’s visit to New York’s Climate Week, which brings together leaders from various industries to address climate change.

    The first bill, authored by State Senator Scott Wiener, requires large businesses, ranging from oil and gas companies to retail giants, to disclose their direct greenhouse gas emissions as well as emissions resulting from activities like employee business travel. Wiener believes that such disclosures will serve as a powerful driver for decarbonization while creating accountability for those companies that fail to take action.

    The second bill, introduced by State Senator Henry Stern, mandates that companies earning over $500 million annually disclose the financial risks posed by climate change and their plans to address these risks. This information will be valuable for individuals and lawmakers making investment decisions. The bill was amended recently to stagger reporting requirements, with companies now required to report every other year starting in 2026.

    Governor Newsom, an advocate for addressing the climate crisis, aims to position California as a leader in this field. His office has also filed a civil lawsuit against major oil and gas companies, alleging that they deceived the public about the risks associated with fossil fuels. The lawsuit seeks to establish a fund, financed by the companies, to support recovery efforts following climate change-related storms and wildfires.

    These climate-focused bills and the lawsuit against oil and gas companies demonstrate California’s commitment to combatting climate change and holding corporations accountable for their environmental impact. By increasing transparency and awareness of greenhouse gas emissions and financial risks, California aims to encourage companies to evaluate and reduce their carbon footprint.

    – California Governor’s Office
    – State Senator Scott Wiener
    – State Senator Henry Stern