The U.S. Environmental Protection Agency announced it is rolling back decades-old emissions standards for cars and trucks and proposing new rules that reverse the “endangerment finding.”

The bills require 5,300 companies that do business in California and have revenues exceeding $1 billion to disclose greenhouse gas emissions and financial risks from climate change

Without massive investments in clean energy, air board officials warned that more fossil fuels will be needed to power electric cars and ensure a reliable power grid under California’s sweeping new climate strategy.