California Climate Accountability Package Impact on Reporting

This document is a technical report detailing the implications of California's Climate Accountability Package on environmental reporting for businesses. Signed into law in October 2023, the package includes Senate Bill 253 and Senate Bill 261, which mandate corporate transparency regarding greenhouse gas (GHG) emissions and climate-related financial risks. Companies operating in California with annual revenues exceeding specified thresholds will be required to report their GHG emissions starting in 2026. The report outlines the steps companies should take to comply with these new regulations, including evaluating existing disclosures, identifying gaps in data governance, and preparing their teams for compliance. It also discusses the potential impact on suppliers and the regulatory framework being developed by the California Air Resources Board (CARB). The document emphasizes the importance of proactive management of sustainability data in light of these new requirements.