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Further to last week’s report: “California Laws Will Require Emissions & Climate Risk Reporting,” California Governor Gavin Newsom signed two landmark climate-related bills that will require numerous public and private companies “doing business” in California that meet specified criteria to disclose Scope 1, 2, and 3 GHG emissions (SB 253) and report climate-related risks and risk mitigation activities (SB 261), subject to concerns about the proposed implementation deadlines, inconsistent reporting (as to SB 253), and costs to covered companies. Based on the signing statements (see re: SB 253 and SB 261), it appears the Governor will work with the Legislature to ensure that his timing and consistency concerns are addressed and will look to the California Air Resources Board to monitor and address in some manner adverse cost implications.

Ropes & Gray notes as follows:

And Covington weighed in as well:

See KPMG’s “Key Features” table; “California Governor Signs Climate Disclosure Bills, but Pushes Back on Timeline and Cost” (ESG Today) and additional resources on our Climate Risk & Disclosure page » Regulatory/Quasi-Regulatory.

                           This post first appeared in the weekly Society Alert!