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California Climate Disclosure Legislation

2 November 2023

In 2023, California passed two climate disclosure and financial reporting laws, SB 253 and SB 261, which will require firms of certain sizes that conduct business in the state to assess and report on climate-related considerations, including greenhouse gas (GHG) emissions figures and material financial risks related to climate. ESG and climate-related disclosures have come into focus for companies and policymakers as stakeholders increasingly recognize climate-related impacts on businesses.

Regulations like SB 253 and SB 261 are intended to allow for more consistent, comparable, and reliable climate risk information from corporations operating under these laws’ remit.

The SEC’s proposed rules are likely to be seen as a minimum standard, and many publicly and privately traded companies need to consider other requirements, such as the recently adopted California laws. This publication is a valuable reference guide for companies navigating this new regulatory era, offering clarity and guidance on expected disclosure requirements.