XBRL US commented on the California Air Resources Board (CARB) solicitation on their implementation of California Climate Disclosure Legislation, Senate Bills 253 and 261, as amended by SB 219.
The California Corporate Greenhouse Gas Reporting Program, authorized by Senate Bill (SB) 253 and sponsored by California State Senator Scott Wiener, is being developed by CARB and will require business entities with total annual revenues in excess of one billion dollars ($1,000,000,000) that do business in California to annually disclose their scope 1, 2 and 3 emissions for the prior fiscal year. The initial annual emissions disclosures are required to address scope 1 and 2 emissions with third-party limited assurance requirements and in subsequent years must include scope 3 emissions.
The Climate Related Financial Risk Disclosure Program authorized by SB 261 and sponsored by California State Senator Henry Stern, also applies to both public and private U.S. companies that do business in California with annual revenues of $500 million. This program is also currently under development by CARB and will require companies to publish biennial climate-related financial risk reports.
The XBRL US letter urged CARB to adopt the same digital, standardized data approach that is being implemented by other regulators around the world. The letter noted that global regulators that have adopted climate reporting mandates require data to adhere to the Greenhouse Gas (GHG) Protocol and the Task Force on Climate Related Financial Disclosures (TCFD), and require data to be prepared in XBRL (eXtensible Business Reporting Language) format.
Read the letter: XBRL US Response to CARB Solication - Senate Bills 523 and 261
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