In October, we posted that California had enacted the Voluntary Carbon Market Disclosure Act (or "VCMDA"), a law that aims to force companies to more clearly disclose the basis for their carbon reduction claims. The VCMDA takes effect on January 1, 2024, so some companies have been hard at work trying to comply before that date.
In a recent letter to the Chief Clerk of the Assembly, Assemblymember Jesse Gabriel – the VCMDA's sponsor – indicated that it was his "intent that the first annual disclosure be posted by January 1, 2025," to give companies time to comply. Gabriel intends to submit a formal letter to the Assembly Daily Journal when the State Assembly reconvenes on January 3, 2024.
Complying with the VCMDA is going to be a heavy lift for some companies, so the extra time will be welcome.
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