California has enacted new climate legislation that will require thousands of public and private companies that conduct business in the state to disclose their Scope 1, 2, and 3 greenhouse gas emissions and climate-related financial risks.  Under the new law:

• Public and private companies operating in California that generate at least $1 billion in annual revenue are required to report their Scope 1 and Scope 2 greenhouse gas emissions beginning in 2026, and their Scope 3 greenhouse gas emissions beginning in 2027; and

• Public and private companies operating in California that generate at least $500 million in annual revenue are required to disclose climate risks beginning in 2026.