California Governor Gavin Newsom has announced his intention to sign a significant bill changing how American corporations report their climate risk, Politico reported.
Newsom revealed his plans during a climate panel in New York City. The bill, known as CA SB253 (23R), mandates companies earning at least $1 billion per year and operating in California to disclose their scopes 1, 2 and 3 emissions.
The legislation will reveal the largest corporate polluters and the majority of emissions within companies’ supply chains. This bill will affect over 5,000 companies in California and could potentially change the national perspective on climate risk.
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Furthermore, Newsom stated his willingness to sign a related bill, CA SB261 (23R), which would compel large corporations to disclose their climate-related financial risks. The governor suggested that these bills might necessitate some form of “cleanup.”
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