New California Climate Disclosure Laws – Claims, Goals, Emissions Reporting and Financial Risk

February 6, 2024
Event details
February 6, 2024
1:00 – 2:00 pm Eastern Standard Time

Event summary

In fall 2023, California Gov. Gavin Newsom signed three far-reaching climate disclosure bills – Senate Bill 253, the Climate Corporate Data Accountability Act (CCDAA); Senate Bill 261, the Climate-Related Financial Risk Act (CRFRA); and Assembly Bill 1305, the Voluntary Carbon Market Disclosures Act (VCMDA). These three laws impose first-of-their-kind public climate disclosures on companies within the US that also qualify as doing business, or operating, in the state of California. With the VCMDA taking effect on January 1, 2024, and the CCDAA and CRFRA taking effect much later, it is important for companies to understand how they may be affected by these sweeping disclosure laws.

Cooley lawyers Michael Mencher and Charlotte Yin, along with Anna Cerf, product policy lead at Watershed discussed the core provisions of each bill and highlighted:

  • The requirements of these three new laws.
  • Which organizations they apply to and how to comply.
  • The ways in which companies may be surprised that the disclosures apply to them.
  • Practical compliance steps to take now and within the next two years.
  • How to get your board and legal teams ready for the new regulations.
  • How these laws compare to other climate reporting regulations coming out of the US Securities and Exchange Commission and the European Union. 

For more information, please email Brianna Vega.

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