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ExxonMobil sues California over climate disclosure laws
Yahoo Finance· 2025-10-25 21:44
Core Viewpoint - Exxon Mobil Corporation is suing the state of California over climate disclosure laws that it claims violate its free speech rights by attributing disproportionate blame to large companies for climate change [1][2]. Group 1: Legal Action - The company filed a complaint in the U.S. Eastern District Court for California, seeking to prevent the implementation of the new laws set to take effect next year [1]. - ExxonMobil argues that it has consistently disclosed its greenhouse gas emissions and climate-related risks but disagrees with the new reporting requirements imposed by the state [2]. Group 2: Senate Bill 253 - Senate Bill 253 mandates large businesses to disclose a variety of emissions, including direct and indirect emissions from employee travel and product transport [3]. - The company contends that the required methodology unfairly targets large companies like itself, focusing on total emissions rather than efficiency [3]. Group 3: Senate Bill 261 - Senate Bill 261 requires companies with annual revenues exceeding $500 million to disclose the financial risks posed by climate change and their strategies to address these risks [4]. - ExxonMobil claims that this law forces it to make speculative statements about uncertain future developments and publish these on its website [4]. Group 4: Government Response - A spokesperson for California Governor Gavin Newsom expressed surprise that a major polluter would oppose transparency in climate-related disclosures [5].