California Proposes $1.7 Billion for Climate Disclosure Law
Companies will be required to report their emissions and climate-related risks to their business.
Greenbiz 5:33 pm on May 16, 2024
California proposes $1.7 billion funding for new corporate climate disclosure laws requiring companies to report emissions and climate risks, shifting funds from the state's general budget to the Greenhouse Gas Reduction Fund (GGGRF). The Governor outlines this as part of broader environmental initiatives including clean energy projects.
- State Budget Allocation: California allocates $1.7 billion from its General Fund to the Greenhouse Gas Reduction Fund for new climate disclosure laws.
- Legislation SB253 and SB261: These laws mandate large corporations report their emissions and assess climate-related risks, affecting businesses operating in the state.
- Funds Reallocation Purpose: The fund reallocation aims to support emission reduction programs, clean energy projects, ZEV initiatives, and nature-based solutions.
- Private Sector Engagement: A coalition of companies emphasizes the importance of this move for streamlined disclosure practices in line with EU and SEC regulations.
- Policy Integration Efforts: The initiative represents an effort to harmonize California's climate policies with other global frameworks.
https://www.greenbiz.com/article/california-proposes-17-billion-climate-disclosure-law