California Governor Gavin Newsom said Sunday he’ll sign landmark legislation requiring companies to disclose a host of information, including how much they pollute.
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CA Gov to sign landmark climate disclosure legislation
California Governor Gavin Newsom said Sunday he’ll sign landmark legislation requiring companies to disclose a host of information, including how much they pollute. The legislation goes beyond recently announced EU requirements and the pending SEC climate disclosure proposal and includes Scope 3 emissions—those caused by the consumption of a company’s products—like the burning of oil in cars and trucks. This now puts significant pressure on the SEC and other jurisdictions to follow suit.
Can Treasury get it right this time?
Secretary Yellen is set to unveil new climate initiatives at an event in New York tomorrow, signaling a potentially major shift in the Treasury’s approach to the climate crisis. Yellen's move aims to “combat climate change and mobilize private investments in clean energy technology,” according to a press release. A strong announcement could help cement the Treasury's role as a global climate leader. However, advocates are keeping a close watch for potential loopholes in the guidelines around carbon offsets—a linchpin in many corporate transition blueprints.
Private sector ambition missing from UN Summit
“First movers and doers” with climate plans deemed “credible” by the United Nations Secretary-General and new commitments to action have been invited to Wednesday’s Climate Ambition Summit. The Summit will focus on accelerating decarbonization and delivering climate justice. Attendees include national and subnational governments as well as some businesses. But who in the private sector has garnered the approval of the Secretary General? The rumors we’re hearing are—not many, if any, as companies fearing right-wing backlash shy away from new climate commitments.
It appears President Biden will snub the Climate Ambition Summit (or did they snub him first?) and may instead attend a Summit on achieving the Sustainable Development Goals (though he still isn’t listed on the program). Meanwhile, the Secretary-General has called for a new stimulus of at least $500 billion per year for sustainable development. That’s perhaps a lofty goal, as rich countries still haven’t met a target set in 2009 to provide $100 billion of climate financing annually.
NYC heats up with Climate Week & UN Summit
NYFW is out. NYCW is in. As the fashionistas hang up their heels, environmentalists, investors, and business leaders are stepping into the limelight. After yesterday’s historic March to End Fossil Fuels, today at 10am in Zuccotti Park may be the largest act of mass civil disobedience in over a decade. And Tuesday at 10am, protesters target Bank of America, the third biggest financier of fossil fuels. Below, you can find some key finance-focused events you may not want to miss:
But Climate Week won’t be the only big event in town, with the United Nations Sustainable Development Goals (SDG) Summit officially underway. Things we’ll be most interested in: if Biden shows up, and a fireside chat between Barbados PM Mia Mottley and World Bank president Ajay Banga.