California’s Bold Move on Climate Disclosures

Back to All Thought Leadership

As public companies anticipate the Securities and Exchange Commission’s (“SEC”) final climate disclosure rules, which are expected to be released sometime fourth quarter of 2023, California has beaten the federal government to the punch. On September 12, 2023, the California State Senate passed the Climate Corporate Data Accountability Act (SB 253) (“CCDAA”) which could quickly affect many companies based both in California and elsewhere in the United States, and may also ultimately require more disclosure regarding the carbon emissions of those companies. The passage of the bill is just one of many recent moves that demonstrate California’s aggressive stance on climate issues.¹