Our recent Client Alert discusses two climate bills approved this week by the California legislature, Senate Bill 253, the Climate Corporate Data Accountability Act (SB 253), and Senate Bill 261, Greenhouse gases: climate-related financial risk (SB 261), which are headed to Governor Gavin Newsom to sign or veto by October 14, 2023. If signed by Governor Newsom, 1) SB 253 would apply to companies with total annual revenue above $1 billion that do business in California, and would require annual scope 1 and scope 2 reporting in 2026 and scope 3 reporting in 2027, in accordance with the Greenhouse Gas Protocol and 2) SB 261 would apply to companies with total annual revenue above $500 million that do business in California, and would require biennial disclosure of such company’s climate-related financial risk in accordance with the TCFD framework, as well as measures it has adopted to reduce and adapt to such climate-related financial risk.