Climate Accountability Package Introduced in California Senate

A suite of bills aimed at leveraging California’s market to further environmental protection was introduced in the state senate in January 2023. The goals of these bills are “to improve transparency, standardize disclosures, align public investments with climate goals, and raise the bar on corporate action to address the climate crisis.” Studies have found that as much as 71% of all historic greenhouse gas emissions are attributable to just 100 companies. Without corporate action to reduce these emissions, California would be unable to meet its climate goals.

• SB 253 would require all large corporations with at least $1 billion in revenue doing business in CA to publicly disclose their greenhouse gas emissions, including 90% of those from corporate supply chains.

• SB 261 aims to protect consumers from loss if their financial institutions do not take risks due to climate change into account. 

• SB 252 would prevent the state’s public pension funds, the two largest in the country, from investing in fossil fuel expansion and require the funds “to divest in the 200 largest oil, gas, and coal companies by 2030.”

For more information also see The Climate 202.