The New York legislature has passed a new package of environmental legislation, including the Climate Corporate Data Accountability Act (CCDAA). This law is heavily modeled on California’s GHG disclosure law. Similar to California, the law requires companies exceeding $1 billion in revenue operating in New York to disclose their emissions. A press release from the New York Senate discusses the legislation:
“The legislation marks the Majority Conference’s continued environmental efforts, including The Environmental Bond Act, The Environmental Protection Fund and The Climate Superfund Program. Today’s package includes legislation that would propose stricter standards for toxic air and lead contaminants; call for certain businesses to annually disclose their emissions; provide municipalities with funding to remediate drinking water site contamination; prohibit the sale of many consumer goods containing per- and polyfluoroalkyl substances (PFAS); and require heavy distribution warehouses to reduce their air pollution impacts on disadvantaged communities and demonstrate their operations comply with federal and state air quality standards.”
Scope 1 and 2 emissions reporting will come in 2027, followed by scope 3 reporting in 2028. Legal challenges to the CCDAA are expected. These will likely be substantially similar to the challenges faced by California’s disclosure law. With two of the US’s biggest economies now requiring climate disclosures, other states may follow suit. A few years ago, we all thought it would be the SEC ushering in mandatory climate reporting. Now it appears that states will lead the charge.
Our members can learn more about GHG reporting here.
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