Bessie Daschbach Discusses With ESG Dive How New California Climate Disclosure Laws Will Impact Businesses
In The News | 1 min read
Oct 11, 2023
Hinshaw partner Bessie Daschbach was recently interviewed by ESG Dive, discussing the financial impact that two new climate disclosure laws – Senate Bill 253 and Senate Bill 261 – will have on organizations doing business in California. Governor Gavin Newsom has signed the bills into law.
Under the new laws, Californian businesses with more than $1 billion in annual revenues must disclose their greenhouse emissions each year. Companies with more than $500 million in annual revenue must report climate-related financial risks.
Daschbach said businesses should not wait for the SEC to finalize its disclosure rules because “California’s rules have expedited the trajectory.”
Daschbach advised businesses to take action:
“Given the reach of California’s new rules, the message for any business … that meets the stated revenue thresholds is the same: start building — or building on — institutional capacity to make emissions and climate-related disclosures.”
"California Gov. Newsom signs 2 major climate disclosure bills but worries about ‘overall financial impact’" was published by ESG Dive on October 10, 2023.
