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ARTICLE · 11 OCTOBER 2023

Leading National Trend, California Enacts Sweeping Climate-Disclosure Laws

Lowenstein Sandler LLP
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On Oct. 7, California Gov. Gavin Newsom signed into law two bills—Senate Bill 253 and Senate Bill 261—that will require thousands of public and private companies doing business...

United StatesEnvironment
Michael D. Lichtenstein
Michael D. Lichtenstein
Kate Basmagian
Kate Basmagian
Zachary L. Berliner
Zachary L. Berliner
Brian S. Winfield
Brian S. Winfield

On Oct. 7, California Gov. Gavin Newsom signed into law two bills—Senate Bill 253 and Senate Bill 261—that will require thousands of public and private companies doing business in California to make broad disclosures of greenhouse gas (GHG) emissions and climate-related financial risks starting in 2026. These laws resemble proposed rules by the Securities and Exchange Commission (SEC) and legislation pending in New York, but the California laws go further than the SEC's proposed rules in several ways.

Summary of SB 253: Disclosure of GHG Emissions

Senate Bill 253, the "Climate Corporate Data Accountability Act" (SB 253), requires any U.S. company1 "doing business in California"2 with over $1 billion in annual revenue to submit a report of its GHG emissions to be publicly available3 as follows:

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