The governor passed bills requiring corporations doing business in California to disclose their greenhouse gas emissions, and oil and gas companies to pay more to cover costs of plugging old wells.
Despite objections from some in his administration, California Gov. Gavin Newsom signed legislation requiring oil and gas companies to allocate more funding to plug wells nearing the end of production. Under the new law, any company that acquires a gas or oilfield in California must now secure a bond — a financial guarantee similar to insurance — that covers the full cost of sealing idle or low-producing wells.
“This important policy, once again, demonstrates California's continued leadership with bold responses to the climate crisis, turning information transparency into climate action,” Newsom said in his signing message. However, the governor added that the implementation deadlines were likely “infeasible,” and that the reporting protocols could result in inconsistent reporting across businesses.
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