Baker Tilly: New California Climate Law Pulls In Private Companies

NORTHAMPTON, MA / ACCESSWIRE / October 12, 2023 / Baker Tilly

Companies not subject to the SEC's proposed carbon reporting regime might be surprised to find the Golden State expects them to track emissions

Previously published by the Wall Street Journal

By Richard Vanderford

California is poised to force many private businesses to report on carbon emissions, dramatically increasing the number of U.S. companies that could be subject to some kind of U.S. climate reporting.

Gov. Gavin Newsom on Sunday said he would sign landmark legislation that would require businesses, including those privately held, to begin reporting on emissions if they operate in California and have at least $1 billion in revenue. In addition to their direct emissions, those businesses would have to account for emissions by suppliers and customers, so-called "Scope 3" emissions that are considered more nebulous and difficult to pin down.

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PHOTO: DAMIAN DOVARGANES/ASSOCIATED PRESS. Image courtesy of the Wall Street Journal

California's impending legislation would require businesses, including those privately held, to begin reporting on emissions if they operate in the state and have at least $1 billion in revenue.

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