California Air Resources Board

The California Corporate Greenhouse Gas Reporting Program, authorized by Senate Bill (SB) 253 (Wiener, 2023) is being developed by the California Air Resources Board (CARB) and will require business entities formed under the laws of California, the laws of any other state of the United States or the District of Columbia, or under an act of the Congress of the United States, with total annual revenues in excess of one billion dollars ($1,000,000,000) that do business in California (“reporting entities”) to annually disclose their scope 1, 2 and 3 emissions for the prior fiscal year. The initial annual emissions disclosures are required to address scope 1 and 2 emissions with third-party limited assurance requirements and in subsequent years must include scope 3 emissions. The Climate Related Financial Risk Disclosure Program authorized by SB 261 (Stern, 2023) also applies to both public and private U.S. companies that do business in California with annual revenues of $500 million. This program is also currently under development by CARB and will require companies to publish biennial climate-related financial risk reports.
More about this program