(FixThisNation.com) – On Sunday California Gov. Gavin Newsom disclosed that he was intending to sign into law the new climate-focused bills that were focused on requiring further transparency from major corporations on the financial risks that were connected to global warming and about greenhouse gas emissions.
Newsom made the announcement during his trip to New York’s Climate Week, where many of the world’s leaders in politics, art, and business are going to come together in search of solutions to climate change.
Last week California lawmakers passed legislation that required all major corporations, including retail businesses and oil and gas companies to disclose their total greenhouse gas emissions, accounting for everything including employee business travel. State Sen. Scott Wiener, who was the author of the bill, pointed out that these disclosures were a very important “driver of decarbonization,” and that the legislation would help provide more accountability for those companies that were not doing what was necessary to address the climate crisis.
Specifically, the law targets all private and public businesses that are operating in California and make a profit of over $1 billion per year. The goal is that through increased transparency companies will be forced to reevaluate their position and find ways to reduce their carbon emissions.
The state Assembly also approved a second bill last week which would require those companies that make over $500 million annually to disclose what financial risks their business might face as a result of climate change as well as potential solutions for addressing those risks.
Copyright 2023, FixThisNation.com