Illinois introduces Climate Act

Illinois introduces Climate Act

An Illinois state representative has proposed the Climate Corporate Accountability Act (HB 4268), a mandatory climate disclosure regime in Illinois, which mirrors CA’s recent climate laws. The bill would require all US entities with over $1bn in annual revenue that do business in Illinois to verify and disclose their Scope 1, 2 and 3. Reporting requirements for Scope 1 and 2 would be introduced on 1 January 2025, and companies would have an additional 180 days to disclose their Scope 3 data. If the law is passed, the Secretary of State will develop and adopt reporting and verification rules by July 2024 and contract an emissions registry to establish a publicly accessible digital platform to house the disclosures by January 2025. The legislation also includes a measure to maximize alignment with federal reporting requirements.
HB 4268 also stipulates that reporting entities calculate their emissions in accordance with the Greenhouse Gas Protocol Accounting and Reporting Standards, and that disclosures must be verified by an emissions registry or a state-approved third-party auditor.