CA SB449

Requires covered entities (businesses with annual gross revenues of at least $500 million) to prepare and submit annual climate-related financial risk reports to the Secretary of State starting December 31, 2022, and make reports publicly available on their websites.

Reports must disclose climate-related financial risks following the Task Force on Climate-Related Financial Disclosures framework and describe measures adopted to reduce and adapt to those risks.

Requires covered entities to submit a statement (not under penalty of perjury) affirming that their climate-related financial risk report meets disclosure requirements.

Mandates the Secretary of State to deliver all submitted reports to the Climate-Related Risk Disclosure Advisory Group in the Office of Planning and Research by January 31, 2023, and annually thereafter.

Requires the advisory group to annually review reports, analyze systemic and sector-wide climate risks, identify inadequate disclosures, and propose regulatory actions and legislative recommendations to mitigate climate-related financial risks.