Manatt Energy and Environment Partner David Smith wrote an article for Law360 discussing the release of upcoming climate disclosure rules in California despite delays in the funding process.
According to the article, when California’s governor signed two climate disclosure mandate laws last session, there were concerns surrounding cost of compliance and implementation timing. The budget proposal failed to include funding for necessary staff at California Air Resources Board (CARB) to enforce compliance with the law and ultimately, the administration filed with the Department of Finance for budget revisions, delaying implementation by two years. As CARB is in a waiting period for specialized staff funding, advocates of the laws view a speculated legislative deadline of less than six months as unattainable.
Smith wrote, “And advocates for a delay point out that the initial deadline is just the first domino pushing out the remaining implementation deadlines commensurately."
Read the full article here.