California Legislature Passes and Governor Newsom Signs Landmark California Climate Bills

On October 9, 2023, Cravath prepared a memo for its clients entitled “California Legislature Passes and Governor Newsom Signs Landmark California Climate Bills.” The memo examines the California legislature’s two recently passed climate disclosure bills, known respectively as the Climate Corporate Data Accountability Act and the Climate‑Related Financial Risk Act, which were signed into law by Governor Gavin Newsom on October 7, 2023, and currently constitute the most extensive set of mandatory climate disclosures in the United States. The memo outlines key features of the bills, including their important differences from the SEC’s proposed climate rule, what specific details in the bills remain undefined or otherwise uncertain and next steps for companies to consider as they prepare for these disclosure obligations.

Please click here to read the memo.