California Governor Newsom to Approve Climate Transparency Laws for Large Corporations

### California Governor Newsom to Sign Climate Bills for Corporate Transparency

California Governor Gavin Newsom announced his plans Sunday to sign two climate-focused bills into law. These new regulations are designed to increase transparency and accountability among large corporations about their greenhouse gas emissions and the financial risks posed by global warming.

Newsom’s announcement was made during his trip to New York’s Climate Week, a global gathering featuring leaders in business, politics, and arts seeking solutions to combat climate change.

### Increasing Transparency and Accountability

Last week, California lawmakers passed legislation that mandates large businesses, stretching from oil and gas companies to retail giants, to disclose their direct greenhouse gas emissions. This includes emissions from activities such as employee business travel.

State Senator Scott Wiener, the author of the bill, stated that such disclosures would be a “simple but intensely powerful driver of decarbonization.” He added, “This legislation will support those companies doing their part to tackle the climate crisis and create accountability for those that aren’t.”

Under this new law, thousands of businesses, both public and private, that operate in California and make over $1 billion annually will be required to make these emission disclosures. The primary goal of this legislation is to increase transparency and encourage companies to evaluate and reduce their carbon emissions.

### Evaluating the Climate Risk

Another bill, approved last week by the state Assembly, compels companies that annually make over $500 million to disclose the financial risks they face due to climate change and outline their strategies to mitigate these risks.

State Senator Henry Stern, who introduced the legislation, believes this information will be valuable for individuals and lawmakers in making informed public and private investment decisions. An amendment to the bill stipulates that companies must start reporting this information in 2026, reporting every other year instead of annually.

Governor Newsom, a Democrat, stated his desire for California to lead the nation in addressing the climate crisis. He emphasized, “We need to exercise not just our formal authority, but we need to share our moral authority more abundantly.”

### Lawsuit Against Oil and Gas Companies

In a related development, Newsom’s office announced Saturday that California has filed a lawsuit against some of the world’s biggest oil and gas companies. The lawsuit claims these companies deceived the public about the risks of fossil fuels, now blamed for climate change-related storms and wildfires causing billions of dollars in damage.

The lawsuit, filed in state Superior Court in San Francisco, also seeks the creation of a fund, financed by these companies, for recovery efforts following devastating storms and fires.

Original Story at www.aol.com – 2023-09-17 22:07:01