"California to require big firms to reveal carbon emissions in first law of its kind", 9 Oct 2023

A groundbreaking California law will force large companies doing business in the state – including major global corporations – to disclose their planet-heating carbon emissions.

The measure, signed into law by the governor, Gavin Newsom, on Saturday, will be the nation’s first of its kind, serving as a blueprint for national climate accountability...

SB 253 will require California regulators to create rules by 2025 for public and private companies whose annual revenues exceed $1bn. That affects about 5,300 corporations, including Chevron, Wells Fargo, Amazon and Apple.

By 2026, those companies will have to publicly disclose how much carbon is produced by their operations and electricity use. Critically, by 2027, they will also be required to report emissions generated by their supply chains and customers...

A companion bill passed by the state’s legislature, SB-261, would additionally require businesses with more than $500m in yearly revenue to disclose their climate-related financial risks beginning in 2026, or face annual penalties...

Yet Newsom’s signatures came with caveats... He previously said approval would be subject to “some cleanup” in language, sparking concern that the laws will be weakened...

The bills faced staunch opposition from the state’s chamber of commerce and powerful oil lobby, who argued they will lead to inaccurate reporting and create costs that could be passed on to customers...

Other business interests, however, joined environmental advocates in supporting the measures. Tech giants Apple, Google, Salesforce, Microsoft and Adobe backed it, as did businesses that tout their sustainability practices such as Ikea, Patagonia and Amalgamated Bank...