On November 18, 2025, the U.S. Court of Appeals for the 9th Circuit issued an order enjoining the state of California from enforcing its climate-related financial risk reporting law, SB 261, while the Court hears full arguments on the merits. SB 261 requires covered entities (i.e., companies with over $500 million in annual global revenue who “do business in California”) to publish climate-related financial risk reports on their websites by January 1, 2026.¹