Bessie Daschbach Discusses With ESG Dive How New California Climate Disclosure Laws Will Impact Businesses

October 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.”

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"California Gov. Newsom signs 2 major climate disclosure bills but worries about ‘overall financial impact’" was published by ESG Dive on October 10, 2023.

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