California Air Resources Board

Overview

In 2023, the Governor signed Senate Bill (SB) 261 (Stern, 2023), the Climate-related Financial Risk Program, which was codified in Health & Safety Code section 38533.

Authorized by SB 261, CARB encourages business entities formed under the laws of California, the laws of any other state of the United States or the District of Columbia, or under an act of the Congress of the United States, that have total annual revenues in excess of $500 million and do business in California (“reporting entities”) to voluntarily publish biennial climate-related financial risk reports.

On November 18, 2025,  the Ninth Circuit Court of Appeals issued an order in Chamber of Commerce v. Sanchez, Case No. 25-5327 (9th Cir. 2025), granting an injunction against the enforcement of SB 261 during the pendency of appellate proceedings in that matter. In light of the Court’s order, CARB will not enforce Health and Safety Code section 38533 against covered entities for failing to post and submit reports by the January 1, 2026, statutory deadline. CARB will provide further information—including an alternate date for reporting, as appropriate—after the appeal is resolved.

Disclosure Report Guidance

For questions and guidance, review the Frequently Asked Questions document and the Climate Disclosure Report Checklist.

Disclosure Submission Portal

CARB has opened a submission page for entities that choose to voluntarily submit their climate-related financial risk reports. The reports submitted to-date can be found here.