Proposed Amendments to California's Climate Disclosure Laws 

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Proposed Amendments to California's Climate Disclosure Laws 

The Newsom administration has proposed significant amendments to California's climate emissions disclosure and climate-related financial risk reporting laws. These changes reflect the administration's commitment to addressing concerns with the original legislation enacted last year. 

The proposed amendments delay the implementation of Senate Bill 253 (SB 253) and Senate Bill 261 (SB 261) by two years. Under the new timeline, the California Air Resources Board (CARB) has until January 1, 2027, to adopt regulations, with Scope 1 and 2 emissions reporting starting in 2028 and Scope 3 reporting in 2029. This extension provides CARB with additional time to develop comprehensive and effective regulations. 

A key change in SB 253 is the allowance for emissions disclosure at the parent company level, simplifying reporting for businesses with multiple subsidiaries. This aligns SB 253 with SB 261, which already permitted parent company-level reporting. Additionally, the amendments grant CARB discretion in contracting with nonprofit emissions and climate reporting organizations, rather than making it mandatory. 

These amendments are still under negotiation and have not been finalized. State Senator Scott Wiener, the author of SB 253, has expressed opposition, highlighting the lack of agreement with the legislature. Negotiations are expected to continue through July and into August, with a resolution needed before the August 31 deadline for passing bills to the governor for signature. 

The proposed revisions aim to balance regulatory thoroughness with practical implementation timelines, ensuring businesses can comply effectively while addressing climate change goals. However, businesses will need to allocate financial resources for compliance, potentially impacting their budgets and operational plans. The extended timeline provides some relief, allowing companies more time to prepare for the reporting requirements and manage associated costs. 

Sources:

• https://www.arnoldporter.com/en/perspectives/advisories/2024/07/implementation-of-landmark-legislation 

• https://static1.squarespace.com/static/642c7e8fc796c46ee3bf7a3e/t/65fb1f3b864074188207ca53/1710956388032/cmw-decoding-the-green-future

Behind the Numbers

Mega Deals, Major Savings,and Megan Thee Stallion: Amazon Prime Day 2024

Both Megan Thee Stallion and top economic analysts are buzzing about Amazon Prime Day, a major shopping event that promises significant deals across various categories like electronics, home furnishings, and school supplies. Adobe Analytics estimates that consumers will spend around $14 billion during the two-day event on July 16-17, marking a 10.5% increase from last year’s $12.7 billion. Day one is expected to see $7.1 billion in sales, with $6.9 billion on the second day. The growth is attributed to deeper discounts, some up to 40%, especially on travel-related items. BofA Securities analyst Justin Post predicts the overall spending impact will be higher due to early promotions. Despite the anticipated sales surge, Amazon's stock experienced a slight dip on Monday, reflecting a broader sell-off in tech stocks. However, Amazon's stock has seen a 28% gain this year and recently achieved a $2 trillion market cap. And what are some of Megan’s picks from Amazon Prime Day? Palmer’s Cocoa Butter Formula Daily Skin Therapy and Neutrogena Makeup Remover Wipes. Wishing you a clean and moisturized Prime Day!

Sources:

• https://www.investors.com/news/technology/amazon-stock-amzn-prime-day-record-2024/ 

• 7 Of Megan Thee Stallion's Amazon Picks Ahead Of Prime Day | Essence

New Law Boosts Safety Standards for Lithium-Ion Batteries

Governor Kathy Hochul has signed a groundbreaking bill to enhance the safe use of lithium-ion batteries, following a series of investigations into battery fires this year. The new legislation aims to eliminate the sale of substandard batteries, to ensure higher-quality products reach consumers. Retailers are now required to provide comprehensive user manuals, and first responders will receive specialized training for battery-related incidents. 

This approach may reduce the risks associated with lithium-ion batteries, making everyday items like cell phones, tablets, laptops, e-bikes, electric toothbrushes, tools, hoverboards, scooters, and solar power backup storage even safer. The law's emphasis on quality control will lead to more reliable and durable products, benefitting consumers and fostering innovation. While manufacturers likely face initial compliance costs, the long-term benefits may include enhanced market trust and potentially fewer product recalls.

Source:

• https://www.cbsnews.com/newyork/news/new-york-lithium-ion-battery-law-kathy-hochul/ 

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