SACRAMENTO, California — Gov. Gavin Newsom on Friday proposed funding a pair of landmark corporate emissions disclosure laws in his 2024-25 budget but proposed delaying more than $1 billion in other climate spending in a bid to close a massive budget deficit.
Newsom’s May budget, which attempts to close a $27.6 billion budget deficit that has widened by $7 billion since January, would give the California Air Resources Board funding to implement a pair of landmark corporate climate disclosure laws, S.B. 253 and S.B. 261, that he had left out of his January budget proposal. Two sources said his administration had committed in pre-budget briefings to fund all chaptered laws, including those.
“They should have the resources,” he said at Friday’s budget briefing.
“There was an original proposal where I’m like, ‘Guys, you know, this was too much of an ask,’” he said. “They ultimately compromised, and they got the budget.”
