The bill aims to enhance transparency regarding greenhouse gas emissions in Washington by establishing new requirements for large businesses. It mandates that these businesses conduct regular emissions inventories that are publicly accessible and independently audited to ensure accuracy. The inventories should encompass not only direct emissions from operations but also emissions from supply chains and raw material processing. The legislation emphasizes the importance of using existing reporting frameworks to minimize regulatory burdens while ensuring that the information provided is comprehensive and useful for consumers.

Additionally, the bill directs the Department of Ecology to develop policy recommendations for climate-related disclosure requirements in Washington. This includes researching developments from the U.S. Securities and Exchange Commission and delivering a report within 18 months of the final rule's adoption. The report must address how Washington's laws can align with federal requirements, recommend consistent reporting methodologies, and evaluate the adequacy of existing disclosure requirements for tracking greenhouse gas emissions. Definitions for key terms such as "climate-related disclosure," "reporting entity," and various scopes of emissions are also provided to clarify the bill's intent and scope.