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California’s Climate Disclosure Laws: Ninth Circuit Enjoins Enforcement of SB 261; CARB Updates Reporting Requirements

Fri, 21 Nov 2025 09:30:00 Z

The Ninth Circuit enjoined the January 1, 2026, reporting deadline in SB 261, leading challengers to withdraw their emergency Supreme Court petition. As a result, the first deadline in California’s climate disclosure laws will be August 10, 2026, at the earliest.

Supreme Court Likely to Consider SB 253 and SB 261 Reporting in 2025

Thu, 06 Nov 2025 14:30:00 Z

California has enacted two laws, SB 253 and SB 261, requiring companies with significant revenue to report greenhouse gas and climate-related financial risks starting in 2026. SB 261 applies to companies with annual revenue above $500 million while SB 253 applies to those above $1 billion.

The EU Enacts New ESG Ratings Regulation to Boost Transparency and Promote Sustainable Finance

Fri, 13 Dec 2024 14:33:00 Z

Recently, the Council of the European Union adopted the new ESG Ratings Regulation, following a proposal from the European Commission and an agreement with the European Parliament.

Amendments to California Climate Accountability Package Await Governor’s Review

Thu, 05 Sep 2024 17:01:00 Z

In October 2023, California Governor Gavin Newsom signed into law the Climate Corporate Accountability Act (SB 253) and the Climate‐Related Financial Risk Act (SB 261), jointly referred to as the Climate Accountability Package.

Top Sustainability Trends to Watch in 2024

Tue, 20 Feb 2024 19:16:00 Z

As the lead-up to the November 2024 election brings increased focus to issues that fall along partisan lines, we expect to see sustainability issues garner continued attention among investors and other stakeholders.

SEC Staff Comment Letters Continue to Seek Enhanced Climate-Related Disclosures

Thu, 11 Jan 2024 19:19:00 Z

This blog post discusses the recent comment letters which show that the SEC staff is not waiting for climate-related disclosure rules to be finalized in order to seek more detailed disclosures from public companies around environmental issues.

First to the Finish Line: Governor Newsom Signs California’s Emissions Disclosure Law

Wed, 11 Oct 2023 14:49:00 Z

On October 7, 2023, Governor Newsom signed into law California Senate Bill 253 (SB 253), the Climate Corporate Data Accountability Act. With the passage of SB 253, California takes the lead in implementing greenhouse gas emissions disclosure requirements, while federal agencies including the Securities and Exchange Commission (SEC) and the Federal Acquisition Regulatory Council continue to consider their own climate disclosure rules.

Proposed US Government Contracting Rule Seeks Anti-Trafficking Reporting Requirements For Air Carrier Contractors

Fri, 29 Sep 2023 17:19:00 Z

On August 7, 2023, the US Department of Defense, General Services Administration, and the National Aeronautics and Space Administration proposed to amend the Federal Acquisition Regulation to impose anti-trafficking reporting requirements on US-flag air carriers under certain contracts with US federal government agencies for air transportation of passengers.

2023 Proxy Season Update: Shareholder Activism on “E” Topics

Mon, 24 Jul 2023 14:53:00 Z

The 2022 proxy season showcased a surge in ESG-focused proposals, with environmental issues taking center stage. This blog post discusses why companies must stay vigilant given rising regulatory focus and shareholder interest in climate-related lobbying, deforestation, environmental justice, and plastics reduction, despite the fewer proposals going to vote in 2023.

Upcoming Changes to ISS’ Environmental & Social Disclosure QualityScore

Thu, 29 Jun 2023 18:45:00 Z

Institutional Shareholder Services recently announced plans to change its methodology for its Environmental & Social Disclosure QualityScore. The revised ISS QualityScore is expected to take effect during the third quarter. ISS ESG, the sustainable investment arm of ISS, says that it aims to improve its measures of corporate disclosure practices and update its materiality assessment. ISS plans to revise more than 150 factors, retire nearly 50 factors and add more than 60 new factors.

Debt Ceiling Law’s Permitting Reform Elements Promise Benefits for Project Applicants

Wed, 14 Jun 2023 20:29:00 Z

The Fiscal Responsibility Act of 2023 includes major permitting reforms with the potential to streamline federal environmental reviews under the National Environmental Policy Act.

Executive Order Amplifies Whole-of-Government Environmental Justice Agenda

Tue, 02 May 2023 17:44:00 Z

Discover the significant new policies launched by the Biden Administration's Executive Order 14096 and how they could impact regulated entities in terms of environmental justice.

Racial Equity Executive Order Deepens Federal Environmental Justice Efforts

Fri, 24 Feb 2023 19:34:00 Z

The Biden-Harris Administration continues to build on early efforts to integrate environmental justice with federal agency actions through a new executive order, Executive Order 14091, signed last week.

Proxy Advisory Firm Policy Updates for the 2023 Proxy Season

Mon, 06 Feb 2023 21:27:00 Z

In preparation for the 2023 proxy season, proxy advisory firms Glass Lewis and Institutional Shareholder Services (ISS) announced updates to their voting guidelines for investors, effective on January 1, 2023, and February 1, 2023, respectively.

Biden Administration Proposes Climate Disclosure Rules for Federal Contractors

Mon, 12 Dec 2022 21:09:00 Z

Companies considered to be “major” or “significant” contractors soon may be required to provide climate disclosures as part of the Biden Administration’s suite of policies designed to achieve net-zero targets.

EPA’s New Office and Environmental Justice Guidance: Implications for Project Permitting and Beyond

Mon, 14 Nov 2022 15:02:00 Z

Recent actions by the US Environmental Protection Agency (EPA) aim to institutionalize environmental justice as a key agency function and support development of tools, guidance and policies to advance it. A newly formed office will elevate environmental justice considerations to the highest levels of the agency.

Upcoming Midterms Carry Implications for Corporate ESG Efforts

Thu, 03 Nov 2022 14:15:00 Z

The midterm elections are taking place during a spirited national debate about the appropriate role of environmental, social and governance (ESG) considerations in corporate strategy.

Shareholder Focus on Reproductive Rights Post-Dobbs

Tue, 04 Oct 2022 13:26:00 Z

Companies are responding in a myriad of ways to the US Supreme Court’s ruling in Dobbs v. Jackson Women’s Health Organization (Dobbs), including by expanding healthcare travel benefits to reduce barriers to accessing care in areas where abortion is restricted; limiting data collection and storing practices given anticipated subpoenas from state law enforcement agencies; and issuing public statements confirming their commitment to protecting reproductive rights.

California’s Legislative Actions on Climate

Wed, 14 Sep 2022 17:35:00 Z

California lawmakers ushered in a robust suite of climate legislation at the end of the term in August, dedicating $54 billion to climate programs over the next five years.

Fifth Circuit Hears Argument on Nasdaq Board Diversity Rule

Wed, 07 Sep 2022 00:00:00 Z

On Monday, August 29, the U.S. Court of Appeals for the Fifth Circuit heard oral argument on a challenge to the Nasdaq Board Diversity Rule.

Focus on Plastics Intensifies in California with New Legislation

Mon, 25 Jul 2022 15:27:00 Z

Governor Newsom recently signed Senate Bill 54 (“SB 54”), heralding an unprecedented commitment to reducing plastic production and consumption in California.

UK Update: ESG Data and Ratings Providers to Come Within Regulatory Perimeter

Wed, 20 Jul 2022 15:03:00 Z

A key outcome of the UK’s Financial Conduct Authority’s (FCA) ESG strategy is the promotion of integrity within the ESG-labelled securities market, supported by the growth of effective service providers. To that end, in June 2021 it released a Consultation Paper, which considered various topics relating to ESG in capital markets. Two of the matters about which the FCA asked for market feedback were: 1) ESG data and rating providers; and 2) issues related to green, social, sustainability and sustainability-linked debt instruments.

2022 Proxy Season Review: Increased Shareholder Focus on Racial Justice

Thu, 09 Jun 2022 19:58:00 Z

The 2022 proxy season has highlighted shareholders’ ever-growing focus on diversity, equity, and inclusion.

Biden Administration to Propose Climate Disclosure Rules for Federal Contractors

Fri, 27 May 2022 19:16:00 Z

The Biden Administration will propose a rule “in the very near future” requiring major vendors supplying products and services to the federal government to report their greenhouse gas emissions and other climate-related risks.

New Screening Tool Maps Out Path To Advancing Environmental Justice

Wed, 25 May 2022 14:07:00 Z

The path to advancing environmental justice (EJ) just got a lot clearer, thanks to a new digital mapping tool created by the White House Council on Environmental Quality (CEQ).

California Court Strikes Down Law on Board Diversity

Tue, 24 May 2022 14:56:00 Z

On Friday, May 13, a California Superior Court judge struck down Senate Bill (“SB”) 826—California’s landmark gender diversity law regarding the representation of women directors on the boards of publicly held corporations based in California.

Justice Department Launches Actions to Advance Environmental Justice

Thu, 12 May 2022 14:05:00 Z

Attorney General Merrick B. Garland and Environmental Protection Agency (EPA) Administrator Michael Regan recently announced a series of significant actions to advance environmental justice.

SEC Climate & ESG Task Force Enforces on “E” and “S”

Tue, 03 May 2022 14:38:00 Z

On April 28, 2022, the Securities and Exchange Commission (SEC) announced an action against Brazilian mining company, Vale S.A., in relation to an environmental and social catastrophe: the collapse of its Brumadinho dam in January 2019 in Brazil.

ESG on Earth Day: Climate Risk is Financial Risk

Fri, 22 Apr 2022 16:57:00 Z

The 2022 Earth Day theme, Invest in Our Planet, is focused on the relationship between sustainable business practices and company performance. Many stakeholders are focused on the theme that climate risk is financial risk. Consistent with this theme, on March 21, 2022, the SEC proposed expansive new rules to enhance and standardize climate-related disclosure requirements for public companies.