Loading chat...
NY S03697
Bill
Status
Introduced
1/29/2025
Primary Sponsor
James Sanders
Click for details
AI Summary
- Requires business entities with over $500 million in annual revenue that operate in New York to prepare biennial climate-related financial risk reports starting January 1, 2028, disclosing risks and measures to reduce them
- Mandates reports follow the Task Force on Climate-related Financial Disclosures (TCFD) framework or equivalent international standards, with covered entities required to post reports publicly on their websites
- Excludes entities regulated by the Department of Financial Services or in the insurance business from coverage, and allows subsidiaries to consolidate reporting at the parent company level
- Requires the Department of Environmental Conservation to contract with a nonprofit climate reporting organization to analyze disclosures, identify systemic risks to the state including impacts on vulnerable communities, and flag inadequate reports
- Establishes a Climate-Related Financial Risk Disclosure Fund funded by fees on covered entities, with administrative penalties of up to $50,000 per year for non-compliance or insufficient reporting
Legislative Description
Requires reporting of climate-related financial risk by certain entities; defines climate-related financial risk to mean material harm to financial outcomes of the entity due to physical and transition risks.
Last Action
REPORTED AND COMMITTED TO FINANCE
3/10/2026
Committee Referrals
Finance3/10/2026
Environmental Conservation1/7/2026
Finance5/13/2025
Environmental Conservation1/29/2025
Full Bill Text
No bill text available