FOR IMMEDIATE RELEASE
September 12, 2023
Contact: Michael Blenner, michael.blenner@sierraclub.org
California Passes First-in-the-Nation Bill to Expand Transparency in Corporate Emissions
Sacramento, CA - Today the California Legislature passed Senate Bill (253), the Climate Corporate Leadership and Accountability Act, a critical bill that will hold corporations accountable by requiring companies in California making over $1 billion in gross annual revenue to disclose their entire scope of emissions for their operations and supply chains, including the emissions resulting from financial institutions’ portfolios. The bill now heads to the Governor for his signature.
Many major corporations continue to make record profits across the state, while their polluting business practices cause serious harm to California communities. SB 253 will ensure that large enterprises doing business in California aren’t exacerbating the worst effects of the climate crisis.
The bill will increase transparency into these corporation’s emissions, and offer California’s regulatory agencies, investors, and consumers the necessary information to hold those polluting corporations accountable. SB 253 will enable California communities to make informed decisions about the companies they choose to do business with, and provide the state the data it needs to target and reduce the worst sources of greenhouse gas from these companies.
Statement from Brandon Dawson, Sierra Club California Director:
“SB 253 will equip California policy and decision makers with the data they need to hold corporate polluters accountable. Fighting the climate crisis requires bold, strategic regulations, and this bill will offer California regulators and communities just that. As California continues to experience the harms of corporate pollution, it’s only become more vital that we act to protect our state’s public health and pristine natural resources.
We appreciate Senator Weiner’s and the sponsors’ leadership in ensuring California is once again a leader on climate policy, and we applaud all of the legislators who stepped up and voted for this critical measure. Sierra Club California and our allies look forward to ensuring the Governor signs it into law.”
Statement from Ben Jealous, Sierra Club Executive Director:
“We are pleased to see California addressing the risks that climate change poses to our financial system and our livelihoods, health, and environment head-on. For too long, corporate polluters and financial institutions have tried to downplay the growing risks their climate pollution poses to investors, customers, communities, and the economy. California joins a growing list of jurisdictions around the world mandating that corporations accurately disclose all their direct and indirect emissions so that stakeholders can understand and make informed choices about companies’ climate risks and impacts. The Sierra Club urges Gov. Newsom to sign this legislation quickly, and we urge the Securities and Exchange Commission to join California, the European Union, and other jurisdictions in taking a comprehensive approach to requiring the disclosure of all emissions and major climate risks.”
Sierra Club California is the legislative and regulatory arm of Sierra Club’s 13 local chapters in California, representing half a million members and supporters.