California Air Resources Board

Summary 

This bill requires corporations with total annual revenues over $500 million and operating in California, beginning December 31, 2024, and annually thereafter, to develop a report on its climate-related financial risks and submit them to a climate reporting organization contracted by CARB, unless it already develops a similar report, as specified. The bill requires the climate reporting organization to prepare a public report that reviews the disclosure reports, an analysis of systemic and sector-wide climate-related financial risks, and identification of inadequate reports. The bill requires CARB to set a fee to cover its costs and adopt regulations authorizing it to seek administrative penalties for entities that fail to report, not exceeding $500,000 in a reporting year.

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