Requires a covered entity, as defined, to biennially report their climate-related financial risks in accordance with the Task Force on Climate-Related Financial Disclosures’ recommendations commencing on or before January 1, 2026. Also requires a climate reporting organization, as defined, to review and analyze a subset of the reports, identify inadequate reports, convene representatives to offer input on disclosure and monitor certain federal regulatory actions. In addition, requires covered entities to pay an annual fee to cover the California Air Resources Board’s (CARB) costs to administer and implement this bill and requires CARB to seek administrative penalties of up to $50,000 per reporting year from covered entities that are found to violate the requirements of the bill.

• Version: Chaptered (Chapter 383, Statutes of 2023)
• Sponsor: Ceres
• Location: Signed by Governor
• Board Position: Support

CalSTRS analysis: