Ceres welcomes funding for California climate disclosure laws in May budget proposal

Ceres is pleased that California Gov. Gavin Newsom today released an updated budget proposal that includes funding for the implementation of the state’s landmark corporate climate disclosure legislation.  

Passed in 2023 with significant company and investor support, SB 253 and SB 261 —collectively referred to as the Climate Accountability Package — are historic risk management and corporate transparency measures. The budget proposal announced today would fund the California Air Resources Board to implement SB 253 and SB 261 and enable reporting to begin on January 1, 2026. 

“We thank Gov. Newsom for supporting the implementation of these first-in-nation disclosure laws so that California may continue to lead the nation in managing climate risks,” said Steven Rothstein, Managing Director of the Ceres Accelerator for Sustainable Capital Markets. “Investors, consumers, and other stakeholders deserve reliable information about corporate climate risks, and California businesses will benefit from the standardized and consistent disclosure guidance that these policies promise.” 

Leading businesses have previously called for full funding of the landmark laws. In April, 35 businesses sent a letter to California lawmakers and Gov. Newsom emphasizing the importance of including funding in the 2024-2025 state budget to meet the need for standardized and consistent disclosure guidance. 

 About Ceres

Ceres is a nonprofit advocacy organization working to accelerate the transition to a cleaner, more just, and sustainable world. United under a shared vision, our powerful networks of investors and companies are proving sustainability is the bottom line — changing markets and sectors from the inside out. For more information, visit ceres.org.