Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 07, 2024 |
reported and committed to finance |
Jan 03, 2024 |
referred to environmental conservation |
Oct 16, 2023 |
referred to rules |
Senate Bill S7704
2023-2024 Legislative Session
Sponsored By
(D) 10th Senate District
Current Bill Status - In Senate Committee Finance Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2023-S7704 (ACTIVE) - Details
- Current Committee:
- Senate Finance
- Law Section:
- Environmental Conservation Law
- Laws Affected:
- Add §75-0116, En Con L
2023-S7704 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7704 SPONSOR: SANDERS TITLE OF BILL: An act to amend the environmental conservation law, in relation to reporting of climate-related financial risk PURPOSE: This bill requires certain businesses to provide annual climate-related financial risk. SUMMARY OF PROVISIONS: * "Climate-related financial risk" means material risk of harm to "imme- diate and long-term financial outcomes due to physical and transition risks, including, but not limited to, risks to corporate operations, provision of goods and services, supply chains, employee health and safety, capital and financial investments, institutional investments, financial standing of loan recipients and borrowers, shareholder value, consumer demand, and financial markets and economic health.
2023-S7704 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7704 2023-2024 Regular Sessions I N S E N A T E October 16, 2023 ___________ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the environmental conservation law, in relation to reporting of climate-related financial risk THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The environmental conservation law is amended by adding a new section 75-0116 to read as follows: § 75-0116. CLIMATE-RELATED FINANCIAL RISK REPORTING. 1. FOR PURPOSES OF THIS SECTION, THE FOLLOWING DEFINITIONS APPLY: A. "CLIMATE REPORTING ORGANIZATION" MEANS A NONPROFIT CLIMATE REPORT- ING ORGANIZATION CONTRACTED BY THE DEPARTMENT PURSUANT TO PARAGRAPH C OF SUBDIVISION TWO OF THIS SECTION THAT BOTH: (I) CURRENTLY OPERATES A CLIMATE REPORTING ORGANIZATION FOR ORGANIZA- TIONS OPERATING IN THE UNITED STATES; AND (II) HAS EXPERIENCE WITH CLIMATE-RELATED FINANCIAL RISK DISCLOSURE BY ENTITIES OPERATING IN NEW YORK. B. "CLIMATE-RELATED FINANCIAL RISK" MEANS MATERIAL RISK OF HARM TO IMMEDIATE AND LONG-TERM FINANCIAL OUTCOMES DUE TO PHYSICAL AND TRANSI- TION RISKS, INCLUDING, BUT NOT LIMITED TO, RISKS TO CORPORATE OPER- ATIONS, PROVISION OF GOODS AND SERVICES, SUPPLY CHAINS, EMPLOYEE HEALTH AND SAFETY, CAPITAL AND FINANCIAL INVESTMENTS, INSTITUTIONAL INVEST- MENTS, FINANCIAL STANDING OF LOAN RECIPIENTS AND BORROWERS, SHAREHOLDER VALUE, CONSUMER DEMAND, AND FINANCIAL MARKETS AND ECONOMIC HEALTH. C. "CLIMATE-RELATED FINANCIAL RISK REPORT" MEANS A REPORT REQUIRED BY SUBDIVISION TWO OF THIS SECTION. D. "COVERED ENTITY" MEANS A CORPORATION, PARTNERSHIP, LIMITED LIABIL- ITY COMPANY, OR OTHER BUSINESS ENTITY FORMED UNDER THE LAWS OF THE STATE, THE LAWS OF ANY OTHER STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA, OR UNDER AN ACT OF THE CONGRESS OF THE UNITED STATES WITH TOTAL ANNUAL REVENUES IN EXCESS OF FIVE HUNDRED MILLION UNITED STATES EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13423-01-3
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