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NY S07705
Bill
Status
10/16/2023
Primary Sponsor
James Sanders
Click for details
AI Summary
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Requires business entities with over $1 billion in annual revenue operating in New York to annually report and publicly disclose Scope 1, 2, and 3 greenhouse gas emissions starting in 2026.
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Department of Environmental Conservation must adopt regulations by January 1, 2025 establishing reporting requirements using Greenhouse Gas Protocol standards, with emissions verified by independent third-party assurance providers.
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Scope 1 and 2 emissions disclosure begins in 2026 with limited assurance; Scope 3 emissions disclosure begins in 2027 with reasonable assurance requirements for Scopes 1 and 2 starting in 2030.
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Reporting entities must pay annual fees to cover the department's full administrative costs, deposited in a climate accountability and emissions disclosure account; penalties for non-compliance capped at $500,000 per reporting year.
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Department must contract with a nonprofit emissions reporting organization to create a publicly accessible digital platform displaying all disclosures and a comprehensive report on emissions data compared to state climate goals, due by July 1, 2027.
Legislative Description
Requires reporting and verification of scope 1, 2 and 3 greenhouse gas emissions by a business with total annual revenues in excess of one billion dollars ($1,000,000,000) that does business in New York; requires regulations and disclosures.
Last Action
REFERRED TO ENVIRONMENTAL CONSERVATION
1/3/2024