Back on Earth, climate accountability made its way to the governor of California’s desk. The Climate Corporate Data Accountability Act (SB 253) and the Climate-Related Financial Risk Act (SB 261) are bills that were approved by the legislature and signed into law on October 7 by Governor Newsom.
The bills affect firms that operate in California and whose annual revenue is over $1 billion to disclose the greenhouse gas emissions they cause directly and indirectly. Also, firms that generate over $500 million in annual revenue will be required to release “climate-related financial risk reports biennially, beginning in 2026.” California is the fifth largest economy on the planet. Think about the impact these will have.
Governor Newsom and Attorney General Bonta sued big oil companies in September for damaging the environment in California. See the AGREEN1 September 18 issue for more details.