"SB 253: Climate Corporate Data Accountability Act"
"SB 261: the Climate-Related Financial Risk Act."
These initiatives align with the global trend of implementing stricter sustainability legislation to meet the increasing demand for transparent and sustainable business practices. Both the current European Corporate Sustainability Reporting Directive (CSRD) and California's Climate Accountability Package share the goal of compelling companies to disclose their pollution data. However, in contrast to the European directive CSRD, the bills within the Climate Accountability Package specifically target large companies conducting business in California. California is setting an example, and this could serve as inspiration for similar efforts throughout the United States!
The bill shares common ground with the SEC’s climate proposal that is about to be finalized but reaches further on several fronts. California's Climate Accountability Package target both public and private companies and demand disclosure of scope 3 emission, independent if any reduction targets are set. The development requires large amounts of sustainability data to be collected and verified. Ethos is here to guide you through all new sustainability legislation applicable to your company and support you through the data collection with our digital platform Atlas.
Why This Matters:
SB 253 (Climate Corporate Data Accountability Act):
SB 261 (Climate-Related Financial Risk Act):
Read more about the developments here.