Add Art 74 §§74-0101 & 74-0102, En Con L; add §99-ss, St Fin L
Establishes the climate corporate data accountability act requiring certain business entities within the state to annually disclose scope 1, scope 2 and scope 3 emissions; establishes the climate accountability and emissions disclosure fund.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A4282
SPONSOR: Glick TITLE OF BILL:
An act to amend the environmental conservation law, in relation to
climate corporate data accountability; and to amend the state finance
law, in relation to establishing the climate accountability and emis-
sions disclosure fund
PURPOSE:
Establishes the climate corporate data accountability act
SUMMARY OF PROVISIONS:
Section one entitles the bill the "Climate Corporate Accountability Data
Act.
Section two amends the environmental conservation law by adding a new
Article 74:
Section 74-0101 defines terms. Section 74-0102:
*requires the department of environmental conservation to adopt regu-
lations requiring reporting entities to verify and annually report all
scope 1, 2, and 3 emissions in tiered stages beginning in 2027, outlines
the nature of those disclosures, and requires reporting entities to
obtain assurance engagements attesting to the veracity and accuracy of
those disclosures.
*requires department to prepare a report on the public disclosures.
*requires the emissions reporting organization to publish emissions
disclosures on a digital platform.
*authorizes the Attorney General to bring a civil action against a
reporting entity, seeking civil penalties for violations of this bill,
and sets out the circumstances to be considered in the assessment of
such penalties.
Section 3 adds a new section 99-ss to the finance law to create a
Climate Accountability and Emissions Disclosure Fund, where the revenues
from the Climate Corporate Data Accountability Act shall be stored.
Section 4 is a severability clause
Section 5 is the effective date. This act shall take effect one hundred
and eighty days after it shall have become a law. Effective immediately,
the addition, amendment and/or repeal of any rule or regulation neces-
sary for the implementation of this act on its effective date are
authorized to be made and completed on or before such effective date.
JUSTIFICATION:
Corporations have the power to stop the climate crisis, but few have
taken real action to reduce their greenhouse gas emissions (GHG). A 2017
report identified 100 energy companies that have been responsible for
71% of all industrial emissions since climate change was officially
recognized. While many companies have set GHG reduction targets, most of
the self-set goals do not include the entire lifecycle of a corporation
s product: emissions generated by a company's own facilities, the emis-
sions generated by third parties from whom a company buys energy, and
the emissions from the production of a product's raw materials. In order
to effectively regulate and reduce the sources of GHG emissions, we need
clear, transparent, accurate and verified corporate emissions reporting.
New York has been a leader on reducing our carbon footprint, but there
is still more to do. New Yorkers are already facing devastating sea
level rise, unbalanced precipitation, rising temperatures, and severe
health impacts.
This legislation would require US-based businesses with annual revenues
greater than one billion dollars to annually report GHG emissions from
their business, including direct emissions, electricity use, and indi-
rect emissions from the supply chain and other sources. The emissions
reports will be made public.
LEGISLATIVE HISTORY:
2023-24: A.4123 - Referred to environmental conservation
FISCAL IMPLICATIONS:
None.
EFFECTIVE DATE:
This act shall take effect one hundred and eighty days after it shall
have become a law. Effective immediately, the addition, amendment and/or
repeal of any rule or regulation necessary for the implementation of
this act on its effective date are authorized to be made and completed
on or before such effective date.
