Today, dozens of California companies, including Patagonia, REI, and Dignity Health called on California Governor Gavin Newsom and state legislative leaders to fully fund California’s new climate risk disclosure laws.
From Politico’s California Climate newsletter: “Their Monday letter, organized by sustainability nonprofit Ceres and shared first with POLITICO, comes as state lawmakers face a May 14 deadline for budget revisions. Newsom didn’t provide funding in his January budget proposal for the California Air Resources Board to implement SB 253 and SB 261, which go beyond federal rules by requiring all large companies operating in the state to disclose their full carbon footprint and climate-related financial risks.”
SB 253 and SB 261 passed in 2023 requires large private and public companies that do business in California to report their “impacts on climate change throughout their supply and value chains, as well as the steps they are taking to prepare their businesses for the risks of climate change.”
The newsletter continues, “[Managing director of Ceres’ Accelerator for Sustainable Capital Markets Steven] Rothstein said he expected Sen. Scott Wiener’s ascension to Senate Budget chair to ‘of course’ help with the funding piece. But even if it comes through, the laws face hurdles, including a tight Jan. 1 deadline for CARB to approve rules before companies begin reporting in 2026.”
Read Ceres’ release here and the Politico California Climate newsletter here.
