Joby Aviation Inc
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Industrials : Passenger Airlines | Small Cap Growth
Company profile

Joby Aviation, Inc. is a transportation company. The Company is developing an all-electric vertical take-off and landing (eVTOL) aircraft to be used by the Company to deliver passenger and freight air transportation as a service. The Company is engaged in designing and testing a piloted all-electric aircraft, which can take off and land vertically, while cruising like a traditional airplane. The aircraft is quiet when taking off, near silent when flying overhead and is designed to transport a pilot and four passengers at speeds of up to approximately 200 miles per hour with a maximum range of approximately 150 miles on a single charge. The Company focuses on operating its aircraft on journeys ranging from 5 to 150 miles between cities and their surrounding areas. It intends to deploy eVTOL aircraft in local aerial ridesharing networks in cities around the world. It also plans to develop an application-based platform that permits consumers to directly book rides through its service.


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California passes first-in-nation law requiring big companies to report all emissions

1:19 pm ET September 14, 2023 (MarketWatch)

By Rachel Koning Beals

SB 253, which still needs Gov. Newsom's signature, mandates that companies with over $1 billion in annual revenue report emissions across three 'scopes' starting in 2025

The California legislature this week approved rules that will soon require companies operating in the state that have over $1 billion in gross annual revenue to reveal greenhouse-gas emissions from their own operations as well as from all along their supply chains -- meaning they'll have to report emissions linked to their vendors and their customers, as well.

Senate Bill 253, called the Climate Corporate Leadership and Accountability Act, is unique in also requiring reporting on emissions from companies in financial institutions' portfolios.

The law is the first of its kind in the nation. California, which has the world's fifth-largest economy, has led the U.S. when it comes to environmental issues, including banning natural gas in new construction and requiring stringent pollution rules for vehicles.

Carbon-dioxide and other greenhouse-gas emissions created by human activity have been scientifically proven to be speeding up climate change, the atmospheric phenomenon contributing to things like deadly extreme heat, more expensive food and acidifying, rising oceans that threaten coastal communities.

The bill now heads to Gov. Gavin Newsom for his signature before becoming law. He has not yet said whether he will sign, and has an Oct. 14 deadline to decide.

Officially, the bill would require the California Air Resources Board to adopt regulations by 2025 mandating that public and private companies that exceed $1 billion in annual revenue begin publicly disclosing their emissions across three "scopes" within one year after those regulations take effect. Scope 1 emissions are those directly created by a business -- for instance, by its heating system. Scope 2 emissions are those linked to, for example, the supplier of raw materials for a company or the energy source a business uses, such as whether its electricity is powered by coal, natural gas or solar. Reporting of Scope 3 emissions, the most challenging because those cover a business's customers, would be fully mandated starting in 2027.

Proponents of the bill argue it will offer California's regulatory agencies, investors and consumers the necessary information to hold polluting companies accountable.

SB 253 will enable California communities to make informed decisions about the companies they choose to do business with and will provide the state with the data it needs to target and reduce the worst sources of greenhouse gases from these companies, these proponents added.

Critics have long argued that one-size-fits-all emissions rules unfairly lump unrelated industries in the same category and will be expensive for them to follow, especially if the rules eventually affect smaller or medium-sized businesses.

The California Chamber of Commerce has said in a statement that it worried companies would leave the state and opt for states with lighter regulations. The group also questioned whether the California Air Resources Board has the authority to regulate out-of-state companies that bring goods and services into California.

The requirements would apply to an estimated 5,400 companies, including tech and retail giants and oil and gas companies. They include Walmart (WMT), Apple (AAPL), Alphabet's Google (GOOGL), Wells Fargo (WFC), ExxonMobil (XOM) and Chevron (CVX).

"These disclosures are simple but transformational, which is why companies like Apple are already reporting their emissions and calling them essential to their corporate climate goals," the bill's author, state Sen. Scott Wiener, a Democrat from San Francisco, said in a news release. "We need strong transparency to create a level playing field among private and public companies. Once again, California is leading the nation on essential climate action."

Read: Apple to drop plastic packaging by end of next year, no leather cases for iPhone15

The measure was backed by more than a dozen major corporations, including Ikea USA, Microsoft (MSFT), Patagonia, REI, Dignity Health and Sierra Nevada Brewing Co. "We know that consistent, comparable and reliable emissions data at scale is necessary to fully assess the global economy's risk exposure and to navigate the path to a net-zero future," they said in a joint letter to lawmakers. "SB 253 would break new ground on ambitious climate policy and would allow the largest economic actors to fully understand and mitigate their harmful greenhouse gas emissions."

Other advocates agree that customers and investors increasingly want this information.

"For too long, corporate polluters and financial institutions have tried to downplay the growing risks their climate pollution poses to investors, customers, communities and the economy. California joins a growing list of jurisdictions around the world mandating that corporations accurately disclose all their direct and indirect emissions so that stakeholders can understand and make informed choices about companies' climate risks and impacts," Ben Jealous, executive director of climate-policy advocate Sierra Club, said in a statement.

Jealous expressed his group's hope that California sets the tone for pending federal regulations from the Securities and Exchange Commission seeking greater emissions reporting among publicly traded companies. The SEC is collecting comments on its own proposal.

-Rachel Koning Beals

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

September 14, 2023 13:19 ET (17:19 GMT)

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