The US Securities and Exchange Commission (SEC) finally finalised their climate disclosure rules on March 6th, 2024. This marks a new era in the United States for sustainability, ESG and climate disclosures.
The US climate regulatory landscape has been dynamic and fast-paced in the past month, with significant developments in various states and at the federal level. From potential delays to key California climate legislation due to budget cuts, to New York's consideration of the Climate Corporate Accountability Act mirroring California's efforts, and the impending adoption of greenhouse gas emissions disclosure requirements by the US SEC.
California passed two climate bills in October 2023 mandating GHG emissions reporting and climate-related financial risk legislation for large companies doing business in the state.
Tensions are steadily mounting in advance of California’s November 2010 general election as the state’s landmark climate bill, the Global Warming Solutions Act, or AB 32, faces possible suspension by the California Jobs Initiative. This posting will be done in two sections. In this post, I have done up a brief background of relevant emissions data and California legislation preceding AB 32 and Prop 23, as well as a summary of the two bills. The second post focuses on the direct and indirect effects of Proposition 23 on AB 32 if the former were to be passed, and my arguments in favour of AB 32.
