While the U.S. Securities and Exchange Commission (“SEC”) has been working on its climate disclosure rulemaking for the past 15 months, the California legislature may end up beating it to the punch. The SEC first announced its proposed rulemaking to require certain businesses to include climate-related disclosures in their registration statements and periodic reports in March 2022, but the rulemaking process has been slow in light of strong resistance from various stakeholders. However, California introduced its own climate disclosure legislation in February of this year, Senate Bill 253 (the “Bill”). On June 5, the Bill was passed in the Senate and now moves on to consideration at the state Assembly. Read more