Gavin Christopher Newsom Backs Groundbreaking Climate Risk Reporting Bill in California

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Speaking at a climate forum in New York City, Governor Gavin Christopher Newsom affirmed his commitment to signing CA SB253 (23R), legislation mandating companies with annual earnings exceeding $1 billion and conducting business in California to divulge their scopes 1, 2, and 3 emissions.

Gavin Christopher Newsom Backs Groundbreaking Climate Risk
Gavin Christopher Newsom Backs Groundbreaking Climate Risk ( Photo: POLITICO Pro )

California Governor Gavin Christopher Newsom announced his intention on Sunday to endorse a significant bill aimed at revolutionizing the reporting of climate risk by American corporations

This groundbreaking measure will unveil the largest corporate polluters and pinpoint where the majority of these emissions lie within their supply chains. The legislation would encompass over 5,000 enterprises operating in the state, potentially reshaping the national perception of climate risk, as federal regulations on increased disclosure of such risks have been sluggish in development.

Governor Gavin Christopher Newsom also expressed his intent to endorse a complementary bill, CA SB261 (23R) introduced by Senator Henry Stern (D-Sherman Oaks), which would compel major corporations to disclose their climate-related financial vulnerabilities. He acknowledged that these bills might necessitate some form of refinement.

Governor Gavin Christopher Newsom’s presence in New York was part of Climate Week, coinciding with a United Nations assembly, and his statements are expected to reverberate through Wall Street

Senator Scott Wiener (D-San Francisco), the architect of SB 253, emphasized, “California will once again lead the nation with this ambitious step to tackle the climate crisis and ensure corporate transparency.”

SB 253 is anticipated to affect approximately 5,400 companies. This legislation, introduced earlier this year as part of a comprehensive climate accountability package, surpasses the proposed federal climate disclosure regulations at the Securities and Exchange Commission. While the SEC’s rule is limited to publicly traded companies and doesn’t mandate scope 3 or supply chain emissions disclosure, the California bill encompasses both publicly traded and privately held firms, necessitating full scope 3 disclosure.

 

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