New York State Senator Brad Hoylman-Sigal has introduced Senate Bill S3456 which, if passed, will impose climate-related disclosure requirements on companies operating in the state. The bill will require businesses with over US$1 billion in revenues to annually disclose their Scopes 1, 2, and 3 emissions and establish a climate accountability and emissions disclosure fund. The legislation also places particular emphasis on flood risk within New York. Senator Hoylman-Sigal is following in the footsteps of California, whose own rules are currently expected to take effect from next year (although this is subject to legal pushback fuelled by the anti-ESG movement). Other states, such as Illinois, are separately considering introducing climate-related financial disclosure rules for companies.
