In a continued effort to combat climate change, California is stepping up its measures against fossil fuel producers. Governor Gavin Newsom has indicated his willingness to sign legislation that would require major companies to disclose their climate emissions. Additionally, the state has filed a lawsuit against top oil companies for misleading the public about the dangers of burning fossil fuels.
The legislation that Governor Newsom intends to sign will mandate that public and private companies making at least $1 billion annually report the emissions generated in the production and use of their products. Another bill will require companies making over $500 million annually to disclose financial risks related to climate change. Despite opposition from the California Chamber of Commerce and Finance Department, the governor remains committed to signing the bills into law, affirming the state’s leadership in environmental regulation.
Furthermore, California lawmakers passed a bill aimed at addressing orphan wells, which are abandoned by drillers. The bill prohibits companies from transferring ownership of these wells without filing a bond to cover site restoration. Governor Newsom has yet to take a position on this bill.
In addition to legislative actions, California has filed a lawsuit against major oil companies, including Exxon Mobil, Shell, Chevron, ConocoPhillips, and BP. The lawsuit accuses these companies, as well as the American Petroleum Institute, of intentionally misleading the public and denying their knowledge of the dangers of burning fossil fuels. The lawsuit seeks to hold the defendants accountable for their contributions to climate change and its related harms, as well as to establish a fund for recovery efforts from climate change-induced natural disasters.
California joins other Democratic states and municipalities, such as New Jersey and Massachusetts, in taking legal action against fossil fuel companies. These collective efforts aim to emphasize corporate responsibility for the effects of climate change and initiate a transition to a lower-carbon future.
– Orphan wells: Wells that have been abandoned by drillers without properly addressing site restoration and closure.
Source article: The Washington Examiner