Newsom Signs California Climate Disclosure Laws SB 253 and SB 261

California Governor Gavin Newsom signed SB 253 and SB 261 into law on October 7, 2023, creating the nation's most sweeping corporate climate disclosure mandates. SB 253 requires US companies with annual revenues above $1 billion doing business in California to disclose Scope 1, 2, and 3 greenhouse gas emissions. SB 261 requires companies with revenues above $500 million to disclose climate-related financial risks. The California Air Resources Board was designated as the implementing agency for both laws.