New Regulations in California's Climate Policies: Draft Guidance Released by CARB for SB 261
In the ongoing effort to combat climate change and promote transparency, the California Air Resources Board (CARB) has been refining the applicability, deadlines, and scope of climate disclosure laws for businesses operating in the state. This latest development is significant for businesses with annual revenues exceeding $500 million, as they are now required to report climate-related financial risks and their risk reduction and adaptation measures.
Under Senate Bill 261, these disclosures must align with the Task Force on Climate-related Financial Disclosures (TCFD) framework. The first reports are due by January 1, 2026, with subsequent updates every two years.
This news is part of a series of articles focusing on California's climate disclosure laws, following previous pieces such as 'California Climate Disclosure Laws: CARB Refines Applicability, Deadlines, and Scope', 'California Climate Disclosure Laws: CARB Affirms Reporting Deadlines, but Delays Regulations that Would Clarify Applicability', and 'California Bills to Require Greenhouse Gas Emissions Reporting From Companies Doing Business in the State'.
For businesses navigating this new requirement, two key contacts stand out: Taylor Pullins and Laura Mulry.
Taylor Pullins specializes in Mergers & Acquisitions, Environment & Climate Change, Sustainability & Responsible Business, and Energy Transition. With her diverse expertise, she is well-equipped to guide businesses through the complexities of these disclosure requirements and the broader landscape of sustainability and energy transition.
Laura Mulry, on the other hand, focuses on Mergers & Acquisitions and Environment & Climate Change. Her extensive experience in these areas makes her an invaluable resource for businesses looking to understand and comply with California's climate disclosure laws.
This article falls under the service areas of Mergers & Acquisitions, Environment & Climate Change, Regulatory & Compliance, North America, and United States. As the deadline for the initial climate-related financial disclosures approaches, it is crucial for affected businesses to seek the advice of experts like Taylor Pullins and Laura Mulry to ensure compliance and prepare for the future.
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