NY S07704

Requires covered entities (businesses with over $500 million in annual revenue doing business in New York) to prepare biennial climate-related financial risk reports beginning January 1, 2026, following the Task Force on Climate-related Financial Disclosures framework or equivalent standards.

Covered entities must disclose their climate-related financial risks and measures adopted to reduce and adapt to those risks, with reports made publicly available on their websites; excludes entities regulated by the Department of Financial Services and insurance companies.

Establishes a climate-related financial risk disclosure account funded by annual fees paid by covered entities; fees set by the Department of Environmental Conservation to cover full administrative costs of implementing the program.

Requires the Department to contract with a nonprofit climate reporting organization to produce biennial public reports analyzing climate-related financial risks by industry, convene stakeholder groups on best practices, and monitor federal regulatory actions.

Authorizes the Department to impose administrative penalties up to $50,000 per reporting year on covered entities that fail to publicly disclose reports or submit inadequate disclosures, with penalties considered based on compliance history and good faith efforts.