illuminem summarizes for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:

🗞️ Driving the news: A California judge declined to block the state’s new emissions disclosure laws, which require major companies to report carbon emissions and climate risks
• Industry groups, including the U.S. Chamber of Commerce, argued the requirements violate free speech rights, but the court has asked for more details before a final decision

🔭 The context: Signed into law by Governor Gavin Newsom, these rules aim to create transparency around corporate climate impacts
• They have faced opposition from business groups and survived a proposed delay, with the reporting mandates set to affect around 75% of Fortune 1000 companies

🌍 Why it matters for the planet: California’s mandates, if implemented, could set a national standard for climate disclosure, promoting accountability and aligning with global ESG initiatives
• They would surpass current U.S. federal regulations, as the SEC’s own emissions disclosure rule has been paused amid legal battles

⏭️ What's next: Companies should prepare to comply by 2026, although legal challenges are likely to continue
• Discovery on First Amendment concerns will proceed as the court gathers more information on the rules' practical impact

💬 One quote: “The ruling means companies should begin preparing to comply with California requirements,” - David Zilberberg, environmental lawyer at Davis Polk

📈 One stat: The new disclosure laws are projected to impact approximately 75% of Fortune 1000 companies

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