Democratic lawmakers in California have introduced climate bills aimed at holding corporations accountable for their greenhouse gas emissions.
The highlights of the bills include legislation that will require companies to disclose their greenhouse gas emissions to the public, ban the state’s public pension funds from investing in major fossil fuel companies and create a group to analyze climate-caused financial risks for corporations.
Although similar efforts in prior sessions have failed to win enough support, the Democratic lawmakers behind them are optimistic about a different outcome this year.
California Environmental Voters, a policy group in the state have expressed support for the bills, calling it an opportunity for the state to serve as a model for increasing transparency by companies regarding their emissions.
Last year, California Democrats passed bills focused on banning new oil and gas wells near homes and schools, establishing guidelines for capturing and storing carbon, and committing to expanding renewable energy sources.
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Democratic Gov. Gavin Newsom has pushed policies to wean the state off oil and gas within the next few decades, including by banning the sale of most new gas-powered cars by 2035 and ending the controversial practice of fracking.
U.S. corporations that bring in at least $1 billion in revenue and do business in California would have to annually report their greenhouse gas emissions to the public under a bill re-introduced by Sen. Scott Wiener, a San Francisco Democrat. It fell one vote short of passing in the Assembly last year after passing in the Senate.
However, Wiener is optimistic the bill would get support from groups that opposed it last year as he believed they will have a more open mind this time around, adding that “our coalition is bigger and stronger.”
“We know there are corporations that want to do the right thing, and we want to support them,” Wiener said at a news conference in California on Monday.
Wiener said lawmakers previously worked with the California Chamber of Commerce, a group also known as CalChamber that opposed his bill last year, to make improvements.
Democratic Sen. Lena Gonzalez, of Long Beach, introduced a bill aimed at prohibiting the California Public Employees’ Retirement System and the California State Teachers’ Retirement System from investing in the largest fossil fuel companies, including oil, gas and coal producers. A similar bill last year passed in the Senate but didn’t get a hearing in the Assembly.
“I’m hopeful that this year with the new makeup of the Assembly, with more coalition and with more emphasis on this crisis we can actually get this done,” Gonzalez said.
Democratic Sen. Henry Stern, who represents part of Los Angeles County, introduced a bill that would create a group to review the financial risks of climate change reported by companies. He said the three bills will help the state support corporations committed to fighting climate change and hold accountable those that aren’t.
Story was adapted from AP.
