ExxonMobil sues California, claims new green laws violate speech

Core Viewpoint - ExxonMobil Corp. has filed a lawsuit against California, claiming that two new state laws infringe upon its First Amendment rights and conflict with federal regulations [1][2]. Summary by Relevant Sections Lawsuit Details - The lawsuit, filed on Friday, argues that the new laws compel ExxonMobil to publicly endorse climate change opinions that it does not agree with [2]. - One law mandates large companies with over $1 billion in annual revenue to measure and disclose their greenhouse gas emissions annually [3]. - The second law requires companies with over $500 million in annual revenue to publish a biennial report on how climate change could impact their financial performance and their risk management strategies [3]. Compliance and Responsibility - The laws require adherence to California's Greenhouse Gas Protocol and the Task Force on Climate-related Financial Disclosures, which ExxonMobil claims imposes a responsibility for global warming, equating to government-compelled speech [4]. - The lawsuit states that California is singling out large corporations, which are perceived as most likely to oppose climate policies, thereby targeting those deemed "most responsible" for climate change [4]. Regulatory Conflicts - ExxonMobil asserts that California's regulations attempt to govern conduct and speech beyond its borders, as much of the reporting pertains to emissions and risks from global operations [5]. - The company argues that the new law SB 261 conflicts with federal securities laws, which already dictate disclosure requirements for publicly traded companies regarding financial and environmental risks [7].