The aim of the legislation is to hold large companies accountable for the role they play in climate change. Under the bill, the emissions disclosures would have to be independently verified by an outside consultant, “an independent third-party assurance provider.”
But the reports of emissions from suppliers and consumers wouldn’t begin until 2027 - and the companies won’t be penalized for inaccurate reports for the first few years. The companies will still have to report emissions from their operations and their energy use beginning in 2026. In response last week, Wiener amended the bill to give the companies until 2030 before fines for inaccurately reporting emissions from those less-direct sources would kick in. Business groups said the estimates could be inaccurate, resulting in misguided public policy, while putting an onerous burden on companies. These indirect sources, called “Scope 3” emissions, have raised the concerns of business groups. corporations earning more than $1 billion and doing business in California would be required to annually report their global emissions of carbon dioxide and other planet-warming gases.Īny company that meets the revenue threshold and sells or produces goods or services in California would have to comply, including such large, global corporations as varied as Amazon, Chevron, McDonalds, Kroger and Walmart.īusinesses would have to report not only the tons of gases they emit globally from all of their own global operations and energy use, but also from less-direct sources, such as their supply chains, contractors and even consumers’ use of their products. If the bill becomes law, about 5,300 U.S. Environmental groups, big tech companies Apple, Google, Microsoft and Salesforce, and some global corporations that emphasize sustainability, including IKEA, support it. In the final weeks of California’s legislative session, business groups, growers and oil companies intensely lobbied lawmakers to reject the legislation, calling it unworkable and likely to lead to inaccurate reports of emissions. Newsom spokesperson Daniel Villasenor declined to comment today on whether he will sign it. Gavin Newsom will now decide the fate of Senate Bill 253. The aim is to hold corporations accountable for the role they play in climate change.Ĭalifornia’s Legislature today approved a closely-watched, first-in-the-nation bill that would force large companies to disclose their annual emissions of greenhouse gases that contribute to climate change. About 5,300 companies would file annual emissions reports.
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