Bill > SB261

This bill requires large businesses operating in California (known as "covered entities") to prepare and publicly disclose a biennial report on their climate-related financial risks and the measures they are taking to reduce and adapt to those risks. The report must follow the disclosure framework recommended by the Task Force on Climate-related Financial Disclosures or an equivalent standard. The bill also requires the California Air Resources Board to contract with a climate reporting organization to review the disclosures, analyze systemic climate-related financial risks, and provide recommendations. The bill creates the Climate-Related Financial Risk Disclosure Fund, funded by fees paid by covered entities, to cover the state's costs of administering and implementing the bill's requirements. The bill also authorizes the Air Resources Board to impose administrative penalties on covered entities that fail to publicly disclose their reports or publish inadequate reports.

Agriculture and Natural Resources, Budget and Finance, Justice

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202320240SB261