Requires a covered entity, as defined, to annually report their climate-related financial risks in accordance with the Task Force on Climate-Related Financial Disclosures’ recommendations commencing on or before December 31, 2024. Also requires the Climate-Related Risk Disclosure Advisory Group to review and analyze those reports, identify inadequate reports, propose policy changes to implement best practices relating to disclosure, convene representatives to offer input on disclosure and monitor certain federal regulatory actions. In addition, it establishes a civil penalty of up to $500,000 per violation for covered entities that are found to violate the requirements of the bill.

• Version: Amended 4/10/2023
• Sponsor: Ceres
• Location: Senate Floor
• Board Position: Support

CalSTRS analysis: