A New Benchmark for Corporate Transparency on Climate – California Governor Newsom Signs Bills Establishing Corporate Climate Disclosure Standards, While Questioning the Feasibility of the Current Implementation Deadlines and Highlighting Concerns over Costs to Affected Businesses
Heralding a new paradigm for climate-related disclosure in the U.S., California Governor Gavin Newsom has signed into law two bills that will require large corporations, both public and private, to track and disclose their greenhouse gas (GHG) emissions as well as the financial risks their businesses face as a result of climate change. The new laws, collectively referred to as the “Climate Accountability Package,” are estimated to affect up to 10,000 companies doing business in California and will raise the bar significantly on corporate climate disclosure in the U.S. irrespective of the U.S. Securities and Exchange Commission’s (SEC’s) finalization of its proposed climate disclosure rules.
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