California requires companies to report carbon emissions

Governor Gavin Newsom signed bill - passed by the state legislature - requiring companies with more than $1bn in annual revenue to report greenhouse gas emissions. The California Air Resources Board must put a system in place for reporting emissions by January 1, 2025, a little more than a year from now, under the law. California, which has a record of enacting cutting-edge environmental laws, is home to many multibillion dollar companies. The state also recently passed a law requiring companies with more than $500m in annual revenues to report their climate-related financial risks, which Mr Newsom said would encourage companies to work to avoid those risks. The US regulator for stocks and markets - the Securities and Exchange Commission - has been working on similar federal requirements for companies to report emissions and climate-related risks for more than a year.

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