Companies fear lawsuits from California's climate disclosure rules

© Reuters. FILE PHOTO: Gavin Newsom, governor, state of California speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. REUTERS/Mike Blake/File Photo

The SEC's rules would apply to all U.S.-listed companies, and one of the politicians behind the California law estimates that about 1,400 of those would also meet the threshold to report in the state. It would not be the first time that climate-related legislation originating in California has a broader impact. The state's efforts to cut vehicle emissions pushed car makers to tighten their emissions standards nationwide.

Only 54% of North American companies disclosed Scope 3 emissions in 2021, compared with 71% in Europe, according to a 2021 report commissioned by the World Resources Institute.While California's rules insulate companies from liability in their reports on hard-to-calculate Scope 3 emissions until 2030, the legal"safe harbor" that the SEC's rules include is limited, according to the legal experts.

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