Key ESG Developments – January 2022
The Climate Corporate Accountability act was passed in the California Senate
The California Senate passed into law the Climate Corporate Accountability Act, that becomes the first US legislation requiring large companies to disclose greenhouse gas emissions. The new law obliges companies operating in California and with more than $1 billion in gross annual revenue to disclose annually on their emissions, including direct emissions, emissions from purchase and use of electricity and indirect emissions (including the ones from the supply chain). It is expected that the legislation will apply to most of US largest corporations. The bill still needs to pass the Assembly and only then can the Governor potentially pass it into law.
Authors: Ana Carina Duarte, Rafaela Oliveira and Mariana Ferreira