Supported by The Climate Center

SB 449: Climate-related financial risk

California State Capitol Building Sacramento by Christopher Padalinski
California State Capitol Building Sacramento by Christopher Padalinski

SB 449 (Stern) Californians and businesses based in the state face myriad risks associated with climate change, ranging from acute disasters to long-term trends such as droughts. Given the vast economic impacts that have occurred and will occur from climate-driven events, it is critical that businesses and financial institutions begin factoring those risks into their lending and investment decisions. SB 449 addresses this by requiring large California-based businesses to annually disclose their climate-related risks to the California Secretary of State, in accordance with the recommendations from the Task Force on Climate-Related Disclosure. These disclosures will include steps being taken by companies to reduce and adapt to climate-related risks. Read The Climate Center’s Letter of Support. STATUS: Died 2/1/22: Returned to Secretary of Senate pursuant to Joint Rule 56.