Overview
- A three-judge panel paused California’s biennial climate-related financial risk disclosure set to start in January but let the separate annual greenhouse-gas emissions reporting requirement proceed.
- The U.S. Chamber of Commerce, which sought the pause, said it will continue pressing for an injunction against both laws on free-speech grounds.
- California’s Air Resources Board said it is reviewing the decision, and the state has argued the measures regulate commercial speech that receives reduced constitutional protection.
- The risk-disclosure mandate applies to companies with at least $500 million in annual revenue and would cover more than 4,100 businesses, while the emissions reporting rule applies at $1 billion and reaches roughly 2,600 companies.
- The Chamber filed an emergency petition with the Supreme Court on Nov. 10 and a brief from Iowa and 24 other states supports it, as Ninth Circuit arguments are set for Jan. 9, 2026 and ExxonMobil’s separate federal lawsuit in Sacramento remains pending.