Bill > SB449

This bill requires covered entities (corporations, partnerships, LLCs, and other business entities with annual gross revenues of at least $500 million) to prepare and submit an annual "climate-related financial risk report" to the Secretary of State. The report must disclose the entity's climate-related financial risks, such as risks to operations, supply chains, and investments, as well as its measures to reduce and adapt to those risks. The Secretary of State must then provide these reports to the Climate-Related Risk Disclosure Advisory Group, which will analyze the reports and make recommendations for regulatory actions or policy reforms to mitigate climate-related financial risks, including for economically vulnerable communities. The Office of Planning and Research will make the reports publicly available on its website.