California Governor Signs Amendments to Climate Disclosure Laws | Fenwick & West LLP

California Governor Gavin Newsom has signed Senate Bill 219, amending the Climate Corporate Data Accountability Act and the Climate-Related Financial Risk Act. The amendments extend the deadline for the adoption of regulations for GHG emissions reporting to July 1, 2025, and delay the timeline for Scope 3 emissions disclosure to 2027. Reports can now be consolidated at the parent company level. The annual fee for reporting is no longer due at the time of filing. The Climate-Related Financial Risk Act still requires companies to report on climate-related financial risks by January 1, 2026, and every two years thereafter. The implementation of these laws is not stayed pending a court case. Companies should assess their compliance needs and prepare accordingly. The Voluntary Carbon Market Disclosure Act remains in effect with a compliance deadline of January 1, 2025.

Source: jdsupra.com
Published on 2024-10-04