Developing Climate Risk Policy for State Procurement and Bond Issuance

California is home to one of the largest economies in the world, and the state plays a direct role in this economy as a steward of assets, a regulator, a revenue generator and service provider, and a direct spender of funds on a range of infrastructure, goods, and services. In light of the risks that climate change poses to state industries and financial institutions, state lawmakers and experts have recently sought to increase knowledge of climate-related risks throughout the state economy. In these two policy notes, CLEE explores potential opportunities to develop climate risk disclosure policy through the lens of state procurement and bond issuance. The policy notes include proposed legislative language to advance these risk disclosure concepts in state law.