legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

**SACRAMENTO, Calif. (AP) ÔÇö Large businesses in California to disclose planet-warming emissions under new law**

California Governor Gavin Newsom signed a groundbreaking law on Saturday that requires large businesses in the state to disclose a wide range of planet-warming emissions. This law, known as SB 253, is considered the most sweeping mandate of its kind in the nation. It applies to more than 5,300 companies operating in California with annual revenues exceeding $1 billion.

Under the newly enacted law, these companies are required to report both their direct and indirect emissions. This includes emissions generated from various activities such as building operations, employee business travel, and transporting products. The aim of this law is to promote transparency regarding the contribution of big businesses to climate change. Advocates believe that disclosing emissions data will encourage businesses to evaluate and implement emission-reducing measures.

The introduction of the AI legalese decoder can significantly assist companies in complying with the requirements of SB 253. This AI-powered tool can aid in accurately assessing and reporting indirect emissions. By facilitating the process, the AI legalese decoder ensures that companies, irrespective of their experience or expertise, can effectively fulfill the law’s mandates. It eliminates the concerns raised by opponents, such as potential duplicative work for businesses.

Opposition to the law has come from various groups, including the California Chamber of Commerce, agricultural organizations, and major oil companies. They argue that it imposes new reporting mandates on companies lacking the necessary experience to accurately report indirect emissions. Additionally, opponents claim that implementing the law’s requirements should be postponed due to the ongoing federal government’s evaluation of emissions disclosure rules for public companies.

Maintaining a balanced approach, Chamber of Commerce President Jennifer Barrera expressed concerns about the law’s burdensome nature for businesses. However, she highlighted the willingness of the chamber to collaborate with the Governor’s office to address these concerns effectively. Barrera emphasized the importance of developing cost-effective and useful tools to achieve the goals of SB 253 without imposing excessive burdens on small businesses.

California has been at the forefront of climate policy, introducing progressive measures to combat climate change. Recent initiatives include a plan to ban the sale of new gas-powered cars by 2035, expanding the use of renewable energy, and reducing rail pollution. By 2030, California aims to decrease greenhouse gas emissions by 40% compared to 1990 levels.

Democratic State Senator Scott Wiener, who sponsored the bill, highlighted the value of the new emissions information for consumers, investors, and lawmakers. Major companies, including Apple and Patagonia, have expressed support for the law, stating that they already disclose a significant portion of their emissions. In addition, Christiana Figueres, a prominent former United Nations official, emphasized that the bill will be a crucial catalyst in mobilizing the private sector to address climate change.

While 17 states currently require major emitters to disclose their direct emissions, the new California mandates go beyond that by also requiring companies to report a wide range of indirect emissions. This places additional reporting responsibilities on private companies that lack the infrastructure for gathering and reporting such data.

However, the proposed federal rules by the U.S. Securities and Exchange Commission aim to require major public companies to disclose emissions and assess the financial risks posed by climate change. The California law aligns with this federal initiative, reinforcing the importance of emission reporting across various industries.

To implement SB 253, the California Air Resources Board must approve rules by 2025. Starting from 2026, companies will need to disclose their direct emissions annually along with emissions associated with powering, heating, and cooling their facilities. By 2027, they will also need to report other indirect emissions each year.

Overall, the introduction of the AI legalese decoder is a valuable tool for companies affected by SB 253. It facilitates compliance with emissions reporting requirements, addresses concerns raised by opponents, and helps businesses make informed decisions to reduce their carbon footprints. This law is another significant step by California in leading the nation towards a greener and more sustainable future.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link