Senator Wiener’s Bill To Require Climate Disclosures From Large Corporations Passes The Senate Judiciary Committee
SACRAMENTO – The Senate Judiciary Committee passed Senator Scott Wiener’s (D-San Francisco) bill SB 253, which requires greenhouse gas emission disclosures from corporations that do business in California and take in over $1 billion in gross annual revenue. SB 253 passed 8-1 and heads next to the Appropriations Committee.
“These commonsense disclosures are already the norm in many markets - we need to standardize them to ensure investors, regulators, and consumers have the information they need to engage with major corporations in a warming world,” said Senator Wiener. “Right now, billion dollar corporations spend more money on anti-climate ads than they would on these disclosures. They impose no costs to small businesses, and they are essential to meeting our climate goals. I look forward to working with all stakeholders to ensure the bill is as implementable as possible.”
SB 253 is a first-in-the nation measure to require all large corporations that do business in California to publicly disclose their greenhouse gas (emissions) in line with the Greenhouse Gas Protocol, the longstanding gold accounting standard established by the environmental and business communities. These disclosures will include corporate supply chains (scope 3), which can include in excess of 90% of a corporation's carbon emissions. By requiring this disclosure, the public, investors, and others will better understand which corporations are walking the talk when it comes to climate action.
Last year, this bill passed the Senate and came within one vote of passage on the Assembly floor, despite intense corporate lobbying against it. This year, the coalition supporting the bill is even bigger and more diverse, including Ceres — a coalition of corporations focused on sustainability — coming on as a co-sponsor.
The Climate Corporate Data Accountability Act is sponsored by EnviroVoters, Ceres, the Greenlining Institute, Sunrise Bay Area, and Carbon Accountable. Read more about SB 253 here.