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California Bill on Climate-Related Disclosure
March 3, 2023California Senate Bill 253, the Climate Corporate Data Accountability Act, if passed, will require all companies that do business in California and report over $1 billion in annual revenue to report on the full range of their emissions. Additionally, the disclosure would be subject to third-party review. The bill, which if enacted would become part of California’s Health and Safety Code, was introduced on January 30, 2023 and is based on legislation that failed to advance in the previous session. The bill would require the California State Air Resources Board to adopt regulations, on or before January 1, 2025, requiring companies to publicly disclose their Scope 1, Scope 2, and Scope 3 emissions to an emissions registry. The reporting requirement would commence in 2026. This bill forms part of a broader climate accountability package that was introduced in the California Senate comprising three bills: the Climate Corporate Data Accountability Act (SB 253), the Climate-Related Financial Risk Act (SB 261), and the Fossil Fuel Divestment Act (SB 252).
