California's New 'Climate Accountability Package'

California's legislature recently passed two bills that impose significant mandatory climate-related reporting requirements for large public and private companies doing business in that state. These bills are the first of their kind in the United States and are consistent with the ongoing trend for climate-related disclosure on both sides of the border and internationally. However, by adopting this legislation, California has jumped ahead of other regulators, including the United States Securities and Exchange Commission (SEC) and the Canadian Securities Administrators (CSA), and California has done so without engaging in the same level of consultation that those other regulators have in considering similar regulatory requirements.