Securities Regulation and Corporate Governance Monitor

Michael K. Murphy

Michael K. Murphy

Partner, Washington, D.C.

mmurphy@gibsondunn.com

+1 202.955.8238

Michael Murphy is a partner in Gibson, Dunn & Crutcher’s Washington, D.C. office. He is a leader of the firm’s ESG: Risk, Litigation, and Reporting practice area, and is a member of the firm’s Environmental Litigation and Mass Tort Practice Groups. Michael counsels clients on environmental and ESG issues related to corporate transactions and compliance. He also represents clients in a wide variety of investigation and litigation matters. Michael has been recognized by Chambers, by Lawdragon as one of the “Green 500: Leaders in Environmental Law,” and as a Law360 “Rising Star.

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Preparing for California’s Climate Reporting Legislation – Takeaways from Recent Amendments and Early AB 1305 Reporting Trends

| Posted by Elizabeth A. Ising; Aaron Briggs; Cynthia M. Mabry; Michael K. Murphy Topic(s): Corporate Governance; Disclosure; Environmental/Climate Change; ESG

Last year, California adopted a trio of laws requiring certain public and private companies to provide climate-related disclosures. As a quick refresher:

  • Climate Corporate Data Accountability Act (Senate Bill 253). For U.S. companies doing business in California with annual revenues over $1 billion, Senate Bill (“SB”) 253 requires them to report their greenhouse gas (“GHG”) emissions annually beginning in 2026 (for Scope 1 and 2 GHG emissions) and 2027 (for Scope 3 emissions).
  • Greenhouse Gases: Climate-related Financial Risk (Senate Bill 261). For U.S. companies doing business in California with annual revenues over $500 million, SB 261 effectively requires them to begin biennial reporting in 2025 regarding their “climate-related financial risks” and adopted measures to reduce or adapt to them.
  • Voluntary Carbon Market Disclosures (Assembly Bill 1305). For companies that make certain environmental claims, adopt particular environmental goals, or purchase, use, market, or sell voluntary carbon offsets in California, Assembly Bill (“AB”) 1305 requires annual website disclosure providing support for those claims, goals, or offsets.
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