California’s Climate Disclosure Requirements
In October 2023, CA Governor Gavin Newsom signed into law the first-in-nation climate disclosure requirements. Both laws would apply to public and private companies that “do business in California.”
All Eyes on California’s “First-in Nation”
Climate Disclosure Requirements
(Closed to Media, Not Available for Replay)
In October 2023, CA Governor Gavin Newsom signed into law the first-in-nation climate disclosure requirements. Both laws would apply to public and private companies that “do business in California.”
- The Climate Corporate Data Accountability Act requires companies with annual revenues exceeding $1 billion to disclose Scope 1, Scope 2, and Scope 3 GHG emissions (regardless of materiality).
- The Climate-Related Financial Risk Act requires companies with annual revenues exceeding $500 million to disclose qualitative reporting on climate-related financial risk and measures taken to reduce and adapt to that risk.
While we wait (two years and counting) for the SEC to issue final climate disclosure requirements, these developments out of California are very significant, particularly since they could set the stage for similar laws in other key states, including New York. Given that they are more expansive than the SEC’s proposal (i.e., apply to private and public companies and apply regardless of materiality), all eyes are on how they will be implemented. Recently, a business coalition led by the U.S. Chamber of Commerce and the American Farm Bureau Federation sued CA to block the implementation.
This webinar will explore the laws’ key provisions, potential impact for CRE, and future pushback from businesses and policymakers.
Moderator:
Sairah Burki, Managing Director, Head of Regulatory Affairs and Sustainability, CRE Finance Council
Panelists:
Melissa Gutierrez-Sullivan, Vice President, Head of ESG, CIM Group
Jason Rozes, Partner, Dechert LLP
Kelly Souza, Managing Director, Wells Fargo
Dorit Ziv, Manager, Ernst & Young LLP
Hosted By:
CREFC's Sustainability Initiative
Date:
Thursday, April 4th
3:00pm - 4:00pm ET
Registration Rates:
Complimentary - Members
$100 - Non-Members