Phil Ting Co-Sponsored (Introduced) this Legislation.
Title: Requires Large Companies Doing Business in California Disclose Their Climate Risk
Signed by Governor Gavin Newsom
Title: Requires Large Companies Doing Business in California Disclose Their Climate Risk
Vote to concur with house amendments and pass a bill that requires large companies doing business in California to disclose their climate risk.
Alleges how the California State Legislature recognizes the effects of climate change and how the failure to adequately address emissions costs will result in danger to California citizens (Sec. 1).
Defines “Climate Reporting Organization”, “Climate-Related Financial Risk”, “Climate Related Financial Risk Report”, and “Covered Entity” (Sec. 2).
Specifies that a covered entity shall create a climate-related financial risk report (Sec. 2).
Specifies that climate-related financial risk reports can cover subsidiary companies (Sec. 2).
Specifies that the state board shall contract with a climate reporting agency to prepare a biennial public report on climate-related financial risk information (Sec. 2).
Specifies that this report will be made available on its website (Sec. 2).
Specifies that the climate reporting organization shall be contracted to do the following (Sec. 2):
A review of the the disclosure of the risk;
Analysis of the systematic and sector wide risk;
Identification of inadequate or insufficient reports
Specifies that the state board shall adopt regulations concerning the reports and administrative penalties (Sec. 2).
Title: Requires Large Companies Doing Business in California Disclose Their Climate Risk
Vote to amend and pass a bill that requires large companies doing business in California to disclose their climate risk.
Alleges how the California State Legislature recognizes the effects of climate change and how the failure to adequately address emissions costs will result in danger to California citizens (Sec. 1).
Defines “Climate Reporting Organization”, “Climate-Related Financial Risk”, “Climate Related Financial Risk Report”, and “Covered Entity” (Sec. 2).
Specifies that a covered entity shall create a climate-related financial risk report (Sec. 2).
Specifies that climate-related financial risk reports can cover subsidiary companies (Sec. 2).
Specifies that the state board shall contract with a climate reporting agency to prepare a biennial public report on climate-related financial risk information (Sec. 2).
Specifies that this report will be made available on its website (Sec. 2).
Specifies that the climate reporting organization shall be contracted to do the following (Sec. 2):
A review of the the disclosure of the risk;
Analysis of the systematic and sector wide risk;
Identification of inadequate or insufficient reports
Specifies that the state board shall adopt regulations concerning the reports and administrative penalties (Sec. 2).
Title: Requires Large Companies Doing Business in California Disclose Their Climate Risk
Title: Requires Large Companies Doing Business in California Disclose Their Climate Risk