SB-253, the Climate Corporate Data Accountability Act, requires companies operating in California with more than $1 billion in annual gross revenues to publicly disclose their scope 1 and scope 2 greenhouse gas emissions starting in 2026 and to report their scope 3 emissions for the previous fiscal year starting in 2027. The bill applies to an estimated 5,400 companies, according to Politico. The bill requires the California Air Resources Board to develop and adopt regulations requiring these disclosures by Jan. 1, 2025. CARB is authorized to impose penalties of up to $500,000 a year for nonfiling, late filing or a failure to meet requirements.
