Vote Smart's Synopsis:

Vote to pass a bill that requires companies in New York with over $1 billion in annual revenue to disclose their greenhouse gas emissions.

Highlights:

• Requires all companies that do business in New York and which generate annual revenue of more than $1 billion to report and publicly disclose the following emissions information (Sec. 2):

• Scope 1 emissions, defined as all direct greenhouse gas emissions that stem from sources owned or controlled by the reporting company;

• Scope 2 emissions, defined as indirect greenhouse gas emissions from consumed electricity, steam, heating, or cooling purchased or acquired by the reporting company; and

• Scope 3 emissions, defined as indirect upstream and downstream greenhouse gas emissions from sources that the reporting company does not directly own or control, including things such as purchased goods and services, business travel, employee commutes, and processing of products and services.

• Specifies that Scope 1 and Scope 2 emissions must be reported annually for the previous fiscal year beginning in 2028 (Sec. 2).

• Specifies that Scope 3 emissions must be reported annually for the previous fiscal year beginning in 2029 (Sec. 2).

• Authorizes the attorney general to bring a civil action against a reporting company of up to $100,000 per day for willful failure to comply with the requirements of this section (Sec. 2).

• Establishes the “climate accountability and emissions disclosure fund” to consist of all revenue generated by this Act (Sec. 3).

• Specifies that this Act takes effect 180 days after passage (Sec. 5).

Full Bill Text