Executive Summary: California Climate Laws

Rhea-AI Summary

California Governor signs bills requiring corporations to disclose carbon footprints and climate-related financial risks

Positive

• Large corporations operating in California will be required to disclose their carbon footprints and climate-related financial risks starting in 2026.
• The new regulations aim to increase transparency and accountability in corporate environmental practices.
• Workiva has released an executive summary detailing the key details of California's climate disclosure regulations.
• The summary includes information on who will be impacted, the timeline for assurance required, and steps organizations can take to prepare.

Negative

• The new regulations may impose additional compliance costs on large corporations.
• Corporations that fail to comply with the disclosure requirements may face reputational damage and potential legal consequences.

NORTHAMPTON, MA / ACCESSWIRE / October 17, 2023 / Workiva / On October 7th, California Governor Gavin Newsom signed SB-253 and SB-261, two bills that would require large corporations operating in the state to disclose their carbon footprints and climate-related financial risks starting in 2026.

A new executive summary from Workiva summarizes key details in California's climate disclosure regulations, including:

• Who's impacted and what's in scope for GHG emissions
• A timeline for assurance required by SB-253
• How climate-related financial risks are defined by SB-261
• Five steps organizations can take now to prepare

Learn More

View additional multimedia and more ESG storytelling from Workiva on 3blmedia.com.

Contact Info:
Spokesperson: Workiva
Website: https://www.3blmedia.com/profiles/workiva
Email: info@3blmedia.com

SOURCE: Workiva

View source version on accesswire.com:
https://www.accesswire.com/793689/executive-summary-california-climate-laws

FAQ

What bills did Governor Gavin Newsom sign?

Governor Gavin Newsom signed SB-253 and SB-261.

When will corporations be required to disclose their carbon footprints and climate-related financial risks?

Corporations will be required to disclose starting in 2026.

What is the purpose of the new regulations?

The new regulations aim to increase transparency and accountability in corporate environmental practices.

What information is included in Workiva's executive summary?

The executive summary includes details on who will be impacted, the timeline for assurance required, and steps organizations can take to prepare.

What are the potential consequences for corporations that fail to comply with the disclosure requirements?

Corporations that fail to comply may face reputational damage and potential legal consequences.