California's landmark climate disclosure bills set stage for SEC rules

Plus, EV sales get boost from new U.S. rules to provide rebates at point of sale.

In today’s edition:

— California’s governor signed two landmark climate bills, but then delayed them

— U.S. moves to grant EV rebates at the point of sale to boost demand

— Vermont’s Green Mountain Power has unique strategy to expand electric usage with less power lines

— Exxon doubles down on fossil fuels with $60 billion Pioneer shale deal

— A conversation with Oppenheimer director Chris Nolan and the Bulletin for Atomic Scientists

— How hot was it this summer? A look back over 43 years.

An annular solar eclipse will cross North, Central, and South America on Saturday, visible for millions of people in the Western Hemisphere. It will create a “ring of fire.” Above, a partial solar eclipse was seen as the sun rose to the left of the U.S. Capitol building in Arlington, Va., June 2021. Photo: NASA/Bill Ingalls.

California Gov. Gavin Newsom signed two landmark climate disclosure bills over the weekend, which impose the strongest rules on detailing emissions and climate risks for big businesses in the country. But there was more pomp than circumstance.

Almost immediately after signing them, Newsom cast doubt on implementation dates in 2026 and 2027 — already moved back because of protests from the high-tech community — and said he was worried about the cost to big business. The fudging allowed Newsom the political win but provided little cover to the Securities and Exchange Commission, which is expected to release its own national rules shortly.

Instead, the legal fallout from the SEC rules is certain to ensnare the California rules as well, which could further delay implementation. The key sticking point in the bills and in the proposed national rules is how companies disclose the emissions from their supply chains, which vary greatly across industries.

Climate activists had hoped that the Scope 3 rules in California would help smooth the way for the SEC, which many followers believe will announce its rules this month. But with little hope of hitting deadlines and with Newsom on record as wanting to tweak them even more, the SEC’s rules will face the harsh glare of controversy and legal reaction without much protection after all.

SEC Chair Gary Gensler, over to you. . . .

Don’t forget to contact me directly if you have suggestions or ideas at dcallaway@callawayclimateinsights.com.

Follow us . . . .

Twitter | LinkedIn | Facebook | Instagram

---

Tuesday’s subscriber-only insights

2023 Ford Mustang Mach-E. Photo: peterolthof/flickr.

An instant EV tax credit? Come on down!