Bill
S 3456
Overview: Bill Number: S 3456, Title: Establishes the climate corporate data accountability act, Status: REPORTED AND COMMITTED TO FINANCE, Introduced: June 17, 2024Purpose and Int
Overview: Bill Number: S 3456, Title: Establishes the climate corporate data accountability act, Status: REPORTED AND COMMITTED TO FINANCE, Introduced: June 17, 2024
Purpose and Intent: The primary goal of this bill is to enhance corporate transparency and accountability regarding climate-related risks and greenhouse gas emissions by requiring certain companies to disclose this information publicly.
Key Provisions:
- Requires publicly traded companies and large private companies to annually report on their greenhouse gas emissions, climate-related risks, and strategies for addressing those risks
- Establishes standards and guidelines for the content and format of the required disclosures
- Authorizes the state's Department of Financial Services to enforce the reporting requirements and impose penalties for non-compliance
- Directs the Department of Environmental Conservation to provide technical assistance to companies in calculating and reporting their emissions
Affected Parties and Impacts:
- Publicly traded companies and large private companies (based on revenue and employee thresholds) would be required to comply with the new climate-related disclosure requirements
- Investors, regulators, and the general public would have access to more comprehensive information about companies' climate-related risks and emissions
- The state government would be responsible for developing and enforcing the disclosure program
Procedural and Timeline Considerations:
The bill has been reported and committed to the Finance Committee for further consideration. If passed by the legislature, it would need to be signed into law by the governor to take effect.
Compiled from official sources — confirm details with the bill’s official record.
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