Dear John,
California just passed nation-leading legislation that presents a watershed moment for corporate transparency and climate risk management in the United States.
The two bills, SB 253 and SB 261, will require large companies that do business in the state to report on their climate pollution across their supply chains, as well as the risks they face from a warming planet. |
Ceres rallied companies and investors throughout the past year to support the bills. Nearly 30 companies and industry associations—including Microsoft, Google, Salesforce, IKEA USA, Apple, and the American Apparel and Footwear Association—actively supported at least one of the two bills as they wound through the state legislature.
The bills put California in a position to implement the U.S.’s first-ever climate disclosure law, helping the state and the nation keep pace as regulators in the European Union and around the globe implement similar laws designed to give investors better insight into how companies are managing the financial risks of climate change. The bills would also complement the SEC’s proposed rule requiring climate disclosure for public companies, as well as the global standards expected to be finalized this year by the International Sustainability Standards Board.
California once again has a chance to lead the nation in a critical policy area. Now these bills head to Gov. Gavin Newsom for his signature. We urge him to seize this opportunity to help protect investors, consumers, employees, communities, and the entire state economy from the clear risks of climate change by promptly signing this historic legislation. |
