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California lawmakers want corporations to 'put their money where their mouth is' on climate change

California lawmakers want corporations to 'put their money where their mouth is' on climate change
REPORTER: LAWMAKERS HERE AT THE STATE CAPITAL NO HUGE CORPORATIONS PLAY A ROLE IN ANY EFFORT TO REDUCE GREENHOUSE GAS EMISSIONS. WITH THAT, A GROUP OF DEMOCRATIC STATE LED -- LEGISLATORS LAUNCHED AN EFFORT TO MAKE THIS HAPPEN THROUGH A SERIES OF BILLS. ONE OF THE PROPOSALS WOULD BE A FIRST IN THE NATION MEASURE TO REQUIRE ALL LARGE CORPORATIONS THAT DO BUSINESS IN CALIFORNIA TO PUBLICLY DISCLOSE THEIR GREEN HOUSE GAS EMISSIONS, INCLUDING SUPPLY CHAIN INFORMATION WHICH TYPICALLY ACCOUNTS FOR THE MAJORITY OF THOSE EMISSIONS. ANOTHER WOULD REQUIRE THE STATE’S RETIREMENT SYSTEMS TO DIVEST ITS MONEY FROM FOSSIL FUELS. BOTH OF THESE CAME UP SHORT LAST YEAR. BUT STATE SENATORS SAY THEY’RE CONFIDENT THIS YEAR WILL BE DIFFERENT. >> PARTICULARLY AROUND TRANSPARENCY AND SUSTAINABILITY GOALS AND MAKING SURE THAT OUR STATE AND OUR BUSINESS COMMUNITY ARE PUTTIN THEIR MONEY WHERE ALL OF OUR MOUTH SARE, WHICH IS IN A DIRECTION OF CLIMATE ACTION. REPORTER: IN A STATEMENT, THE CALIFORNIA CHAMBER OF COMMERCE PRESIDENT AND CEO JENNIFER BARRERA SAID, THE PRIVATE SECTOR IS COMMITTED TO WORKING TO REDUCE FACTORS THAT IMPACT CLIMATE CHANGE. HOWEVER, IT IS CRITICAL THAT AS POLICIES ARE CONTEMPLATED, THERE IS AN EMPHASIS ON BALANCING UNNECESSARY COSTS AND REGULATORY HURDLES AGAINST MEASURABLE BENEFITS. WE LOOK FORWARD TO WORKING WITH POLICY MAKERS TO ENACT MEANINGFUL POLICIES THAT PROTECT JOBS, ENCOURAGE INNOVATION AND MAINTAIN GROWTH. HEARINGS ON THESE MEASURES COULD -- ARE EXPECTED TO HAPPEN AS SOON AS THIS SPRING. REPORTING AT THE STATE CAPITAL, ASHLEY ZAVALA, KCRA 3 NEWS. TY: ANOTHER PROPOSAL LAWMAKERS WILL CONSIDER WOULD REQUIRE LARGE BUSINESSES IN CALIFORNIA TO PUT TOGETHER CLIMATE-RELATED FINANCIAL RISK REPORTS TO SHOW ITS FINANCIAL RISKS AS A RESULT OF CLIMATE CHANGE. AND WHAT STEPS WOULD BE TAKEN TO REDUCE THE RIS
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California lawmakers want corporations to 'put their money where their mouth is' on climate change
Some California state lawmakers want corporations to be held accountable when it comes to the state's clean air goals and efforts to reduce the effects of climate change. A group of Democratic state senators resurrected three bills that fell short last legislative session they say would improve transparency, standardize disclosures, align public investments with climate goals and raise the bar on corporate action to address the climate crisis. "Making sure our state and businesses community are putting our money where all of our mouths are, which is in a direction of climate action," said State Sen. Scott Wiener, a Democrat from San Francisco. Wiener reintroduced a measure that would require corporations that make more than $1 billion in revenue and that do business in California to start publicly disclosing their carbon emissions by 2026, including supply chain information, which lawmakers note make up the majority of a corporation's emissions. State Sen. Lena Gonzalez, a Democrat from Long Beach, reintroduced a measure to divest money from the state teachers' and state public employees' retirement systems away from the fossil fuels industry. Gonzalez said that amounts to about $11 billion dollars. "We need to ensure this is not being invested in our detriment," Gonzalez said. "We have no more time to waste."State Sen. Henry Stern, a Democrat from Calabasas, reintroduced a bill that would require companies in California to provide climate-related risk financial disclosures. Advocates said the legislation is modeled after rules used by hundreds of major financial institutions, as well as federal securities risk disclosures that focus on financial risk related to the climate crisis. Lawmakers said the measure would protect consumers that stand to lose billions of dollars if financial institutions fail to account for new risks associated with climate change. “It makes no sense for a corporation to be hiding their climate risks – like exposure to increased drought, wildfires, and extreme weather — from their shareholders or their consumers,” Stern said. The California Chamber of Commerce opposed the bills last session. "The private sector is committed to working to reduce factors that impact climate change," said CalChamber President and CEO Jennifer Barrera. "However, it is critical that as policies are contemplated, there is an emphasis on balancing unnecessary costs and regulatory hurdles against measurable benefits. We look forward to working with policymakers to enact meaningful policies that protect jobs, encourage innovation and maintain growth.” "I'm hopeful this year with a new makeup in the Assembly, with more in our coalition and with more emphasis on this crisis that we can actually get this done," Gonzalez said.

Some California state lawmakers want corporations to be held accountable when it comes to the state's clean air goals and efforts to reduce the effects of climate change.

A group of Democratic state senators resurrected three bills that fell short last legislative session they say would improve transparency, standardize disclosures, align public investments with climate goals and raise the bar on corporate action to address the climate crisis.

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"Making sure our state and businesses community are putting our money where all of our mouths are, which is in a direction of climate action," said State Sen. Scott Wiener, a Democrat from San Francisco.

Wiener reintroduced a measure that would require corporations that make more than $1 billion in revenue and that do business in California to start publicly disclosing their carbon emissions by 2026, including supply chain information, which lawmakers note make up the majority of a corporation's emissions.

State Sen. Lena Gonzalez, a Democrat from Long Beach, reintroduced a measure to divest money from the state teachers' and state public employees' retirement systems away from the fossil fuels industry. Gonzalez said that amounts to about $11 billion dollars.

"We need to ensure this is not being invested in our detriment," Gonzalez said. "We have no more time to waste."

State Sen. Henry Stern, a Democrat from Calabasas, reintroduced a bill that would require companies in California to provide climate-related risk financial disclosures. Advocates said the legislation is modeled after rules used by hundreds of major financial institutions, as well as federal securities risk disclosures that focus on financial risk related to the climate crisis. Lawmakers said the measure would protect consumers that stand to lose billions of dollars if financial institutions fail to account for new risks associated with climate change.

“It makes no sense for a corporation to be hiding their climate risks – like exposure to increased drought, wildfires, and extreme weather — from their shareholders or their consumers,” Stern said.

The California Chamber of Commerce opposed the bills last session.

"The private sector is committed to working to reduce factors that impact climate change," said CalChamber President and CEO Jennifer Barrera. "However, it is critical that as policies are contemplated, there is an emphasis on balancing unnecessary costs and regulatory hurdles against measurable benefits. We look forward to working with policymakers to enact meaningful policies that protect jobs, encourage innovation and maintain growth.”

"I'm hopeful this year with a new makeup in the Assembly, with more in our coalition and with more emphasis on this crisis that we can actually get this done," Gonzalez said.