Update: In August 2024, the California Legislature passed SB 219. This bill makes minor but important amendments to SB 253 and SB 261. Notably, SB 219 provides CARB with additional flexibility on the timing of Scope 3...more
On March 6, the U.S. Securities and Exchange Commission (SEC) voted (3-2) to adopt final rules entitled, The Enhancement and Standardization of Climate-Related Disclosures for Investors (the “Final Climate Rules”). The Final...more
In addition to signing two significant new laws requiring large companies doing business in California to disclose their greenhouse gas emissions (GHG), Governor Newsom on October 7 signed AB 1305, which creates new...more
The California Legislature recently passed two new laws that impose significant climate-related disclosure obligations on many businesses. The passage of SB 261 and SB 253 are the latest steps in a growing trend to mandate...more
The European Parliament voted in favor of implementing the Carbon Border Adjustment Mechanism (CBAM) after reaching a provisional agreement on the CBAM in December 2022. Several countries and the European Union (EU) have long...more
As 2022 comes to a close, mandatory Environmental, Social, Governance (ESG) reporting in the United States remains the subject of much debate and political scrutiny. The European Union (EU) and other jurisdictions are moving...more
Both the European Union (EU) and the U.S. have recently taken steps toward implementing some form of a carbon border adjustment mechanism (CBAM). Several countries and the EU have long considered enacting legislation that...more
On March 21, 2022, the Securities and Exchange Commission (SEC) voted (in a 3:1 decision) to propose new rules “To Enhance and Standardize Climate-Related Disclosures for Investors.” The proposed rules would require...more
The Securities and Exchange Commission (SEC) is set to formally consider the possibility of enhanced climate disclosure requirements at its upcoming Open Meeting on March 21, 2022. This meeting will be the latest in a series...more
The Securities and Exchange Commission (SEC) is poised to make good on its promise to ramp up enforcement efforts in relation to climate risk and environmental, social, and governance (ESG) disclosures. Last week, the SEC’s...more
On May 20, 2021, President Biden issued his Executive Order on Climate-Related Financial Risk, stating that it is the policy of the Administration to “advance consistent, clear, intelligible, comparable, and accurate...more
On March 15th, the SEC issued a detailed request for public comments on potential changes to climate risk reporting, and Environmental, Social, and Governance (“ESG”) disclosures more generally. Comments must be submitted by...more
It’s no secret that President Biden plans to prioritize action on climate change. During his presidential campaign, Biden identified climate change as one of his top four priorities, and announced he would seek to put the...more
Last week, California Senate Bill (SB) 260, the Climate Corporate Accountability Act was introduced in the California state legislature. If enacted, large corporations doing business in the state of California would be...more
On December 3, 2020, Seattle Mayor Jenny Durkan announced new measures for electrifying buildings to help achieve the City’s aggressive climate goals. By updating its energy code, Durkan proposes banning the use of natural...more
For certain companies that do business within the United Kingdom (UK), new climate risk reporting requirements are coming down the pipeline. On November 9, 2020, the Chancellor of the Exchequer announced that the UK will...more
On March 25, 2020, Governor Jay Inslee signed HB 2528 into law which recognizes the contributions of the state’s forests and forest products sector as part of the state’s global climate response. ...more