Current:Home > MyNew California law will require large corporations to reveal carbon emissions by 2026-LoTradeCoin
New California law will require large corporations to reveal carbon emissions by 2026
View Date:2024-12-23 20:06:40
Large companies doing business in California will have to publicly disclose their annual greenhouse gas emissions in a few years thanks to a groundbreaking law the state passed this month.
Signed by Gov. Gavin Newsom on Oct. 7, SB 253 requires the California Air Resources Board to form transparency rules for companies with yearly revenues exceeding a billion dollars by 2025. The first of its kind law in the U.S. will impact over 5,000 corporations both public and private including Amazon, Apple, Chevron and Walmart.
By 2026, major corporations will also have to report how much carbon their operations and electricity produce and by 2027 disclose emissions made by their supply chains and customers known as "scope 3" emissions.
Shareholders for companies like Exxon Mobil and Chevron have strongly opposed "scope 3" emissions and in May voted against activists' demands for stricter use of them, according to Energy Intelligence. Exxon CEO Darren Woods said meeting those targets while the demand for energy remains will force consumers to "make do with less energy, pay significantly higher prices, or turn to higher-emitting sources."
Fact Check:Humans are responsible for a significant amount of CO2 in the atmosphere
Companies with annual revenues that exceed $500 million could face yearly penalties if they don't disclose their climate-related risks early in 2026, due to a companion bill that passed.
The bill's author Sen. Scott Wiener called the disclosures simple yet a power method to drive decarbonization.
"When business leaders, investors, consumers, and analysts have full visibility into large corporations’ carbon emissions, they have the tools and incentives to turbocharge their decarbonization efforts," Wiener said in a news release. "This legislation will support those companies doing their part to tackle the climate crisis and create accountability for those that aren’t."
The measure is a revival of Wiener’s previous SB 260 that passed the Senate last year but was rejected in the Assembly by one vote.
SB 253's passing come as the Securities and Exchange Commission (SEC) finalized a similar federal mandate last month that had been proposed last year, requiring publicly traded companies to disclose their emissions and climate related risks to investors.
Newsom is traveling to China next as part of a weeklong trip to meet with national, subnational and business partners to advance climate action, his office announced Wednesday.
Beer shortage looming?Changing weather could hit hops needed in brews
veryGood! (76)
Related
- New 'Yellowstone' is here: Season 5 Part 2 premiere date, time, where to watch
- This doctor wants to prescribe a cure for homelessness
- 15 Products to Keep Your Pets Safe & Cool This Summer
- Titanic Sub Missing: Billionaire Passenger’s Stepson Defends Attending Blink-182 Show During Search
- 'Gladiator 2' review: Yes, we are entertained again by outrageous sequel
- Kate Spade 24-Hour Flash Deal: Save 68% On This Overnight Bag That’s Perfect for Summer Travel
- The Beigie Awards: All about inventory
- Florida’s Majestic Manatees Are Starving to Death
- The USDA is testing raw milk for the avian flu. Is raw milk safe?
- Firefighter sets record for longest and fastest run while set on fire
Ranking
- UFC 309: Jon Jones vs. Stipe Miocic fight card, odds, how to watch, date
- Chris Eubanks, unlikely Wimbledon star, on surreal, whirlwind tournament experience
- The Senate’s New Point Man on Climate Has Been the Democrats’ Most Fossil Fuel-Friendly Senator
- Gunman who killed 11 people at Pittsburgh synagogue is found eligible for death penalty
- Detroit-area police win appeal over liability in death of woman in custody
- This doctor wants to prescribe a cure for homelessness
- SNAP recipients will lose their pandemic boost and may face other reductions by March
- Inside Clean Energy: Fact-Checking the Energy Secretary’s Optimism on Coal
Recommendation
-
Knicks Player Ogugua Anunoby Nearly Crashes Into Anne Hathaway and Her Son During NBA Game
-
Increased Flooding and Droughts Linked to Climate Change Have Sent Crop Insurance Payouts Skyrocketing
-
Inside Clean Energy: What’s a Virtual Power Plant? Bay Area Consumers Will Soon Find Out.
-
China Moves to Freeze Production of Climate Super-Pollutants But Lacks a System to Monitor Emissions
-
What happens to Donald Trump’s criminal conviction? Here are a few ways it could go
-
Missing 15-foot python named Big Mama found safe and returned to owners
-
Celsius founder Alex Mashinsky arrested and charged with fraud
-
Can Rights of Nature Laws Make a Difference? In Ecuador, They Already Are