California Climate Reporting Bills Overview

This document is a technical report detailing recent updates to California's climate reporting legislation, specifically focusing on Senate Bill (SB) 219, SB 253, and SB 261. SB 219, signed into law on September 27, 2024, modifies existing climate-related financial risk reporting requirements and extends the deadline for the California State Air Resources Board to develop greenhouse gas (GHG) reporting regulations. Key changes include the requirement for reporting entities to disclose scope 3 GHG emissions on a specified schedule and the elimination of filing fees for GHG emissions reports. SB 253 mandates annual public disclosure of scope 1, scope 2, and scope 3 emissions for entities with revenues exceeding $1 billion, while SB 261 requires biennial climate-related financial risk reports from entities with revenues over $500 million. The document outlines the implications of these bills for businesses operating in California and emphasizes the importance of compliance with the new reporting requirements.