Newsom signs first-in-the-nation corporate climate disclosure bill

Both the bills had failed in the Assembly last year.

Context: Overall, the laws will change the landscape of corporate disclosure. For the first time in the US, large publicly traded and privately held corporations doing business in California will be required to publicly disclose their impact on the environment, including Scope 3 emissions generated up or through the company’s value chain. Both emissions and how climate change is impacting must be made public. Their bottom line.

Law Move forward with proposed federal climate disclosure rulesWhich will apply only to publicly traded companies and will not mandate full Scope 3 disclosure.

What will happen next: will make law be implemented now by the California Air Resources Board, which requires rules to be passed by Jan. 1, 2025, before companies can begin filing disclosures in 2026.

Newsom has said he thinks the measures will require some “cleanup.” CalChamber made similar comments on the need for additional legislation the following year, but Wiener warned that those industry efforts could signal a desire to “kill” SB 253 by removing the Scope 3 reporting requirement.

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