In October 2023, California Governor Gavin Newsom signed into law two key pieces of landmark legislation that will provide investors, consumers, and other stakeholders with information about how companies are managing their climate-related financial risks.
Passed 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.
Under the legislation, large public and private companies that do business in California will begin reporting their climate pollution across their supply and value chains, as well as the steps they are taking to prepare their businesses for the physical and transition risks posed by climate change.
Now that the California Air Resources Board has begun implementing these landmark disclosure laws, Ceres has produced an updated analysis of the number of companies that will likely be covered by SB 253 and SB 261.