California Proposes $22 Million for Climate Disclosure Law

Companies will be required to report their emissions and climate-related risks to their business.
Greenbiz 9:10 pm on May 16, 2024

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California plans to allocate $22 million from greenhouse gas reduction funds to implement the SB 253 and SB 261 climate disclosure laws, requiring corporations with significant revenues to disclose their emissions and associated risks. This follows criticism for previous omission in funding and is seen as enhancing compliance efficiency by aligning with global standards like Europe's sustainability reporting rules.

  • Budget Allocation: $22 million from Greenhouse Gas Reduction Fund for climate disclosure laws.
  • Legislation: SB 253 and SB 261 mandate emission reporting based on company revenue.
  • Global Compliance: The law aims to synchronize with international standards for corporate sustainability reporting.
  • Industry Feedback: Previous budget omissions faced criticism; companies now urge full funding for efficient implementation.
  • Governance: CARB and other administrative agencies to draft detailed rules guiding businesses on climate-related reporting.

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