California Gov. Gavin Newsom was in New York as part of Climate Week, an event timed to a gathering of the United Nations.
California Gov. Gavin Newsom speaks to reporters in Sacramento, Calif., on Oct. 7, 2022. Newsom said he would sign a bill, CA SB261 , that would force large corporations to disclose their climate-related financial risks. | Rich Pedroncelli/AP PhotoCalifornia Gov. Gavin Newsom said Sunday he plans to sign a major bill that would change the way American companies report their climate risk.
The legislation for the first time will show the largest corporate polluters and where the bulk of those emissions are in companies’ supply chains. It would cover more than 5,000 companies operating in California but could also shake up how climate risk is viewed nationally. The federal government has been slow to release proposed regulations that would require increased disclosure of climate risk.by Sen.
Newsom was in New York as part of Climate Week, an event timed to a gathering of the United Nations. The comments will also resonate across Wall Street. “California will once again lead the nation with this ambitious step to tackle the climate crisis and ensure corporate transparency,” Sen. Scott Wiener , the author of SB 253, said in a statement.SB 253 is expected to apply to some 5,400 companies. The bill, introduced earlier this year as part of a climate accountability package, goes beyond proposed federal climate disclosure rules at the Securities and Exchange Commission.
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