There’s a new date to circle on your CFO calendar: August 10. That’s the official deadline for the largest companies doing business in California to file their first greenhouse gas emissions reports under the state’s new climate disclosure laws.
The California Air Resources Board (CARB) locked in the date after voting in the approved regulations on February 26. Under SB-253, any company pulling in more than $1 billion in annual revenue and doing business in California must disclose its Scope 1 and 2 emissions. Scope 1 emissions are released by the direct actions of a company. Scope 2 includes the emissions from any energy a company buys. Scope 3 emissions disclosures, from a company’s supply chain, won’t kick in until 2027.
The August 10 deadline was expected. CARB pushed it back from an originally proposed June deadline. But it will creep up on companies quickly, especially when CFOs need to factor in four to six weeks for verification.
Miranda Mair, Manager, Carbon Advising at ENGIE Impact