This is the best summary I could come up with:

A companion bill passed by the state’s legislature, SB-261, would additionally require businesses with more than $500m in yearly revenue to disclose their climate-related financial risks beginning in 2026, or face annual penalties.

“The disclosure requirements would really pull back the curtain on the biggest climate destroyers in the oil industry and make it harder to greenwash,” said Hollin Kretzmann, a senior attorney at the environmental advocacy group Center for Biological Diversity, which supported the bills.

The bills faced staunch opposition from the state’s chamber of commerce and powerful oil lobby, who argued they will lead to inaccurate reporting and create costs that could be passed on to customers.

Ivan Frishberg, chief sustainability officer at Amalgamated Bank, which has published emissions and climate risk reports for years, said his firm’s climate-focused practices have spurred more business.

In California, lawmakers amended both bills to delay phase-in dates, lessen noncompliance penalties, and reduce the frequency of reporting requirements, but could not win oil companies’ support.

California’s chamber of commerce says it will push for language tweaks to help protect business interests, which could signal a desire to “gut” the disclosure policy, bill author Scott Weiner told Politico.

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