Requires certain corporations authorized to operate in the state and subject to the supervision of the department of financial services that had annual gross revenues of at least five hundred million dollars ($500,000,000) in the prior calendar year to annually prepare a climate-related financial risk report for submission to the secretary of state and to make such report available to the public.
Summary
Bill A07195 mandates that certain corporations with annual gross revenues exceeding $500 million prepare and submit an annual climate-related financial risk report. This report must detail the corporation's exposure to climate-related financial risks, including both physical and transition risks, and outline strategies for mitigating these risks. The report is to be submitted to the Secretary of State and made publicly available on the corporation's website, promoting transparency and accountability regarding climate-related financial risks.
Impact
The bill amends the financial services law to require large corporations to integrate climate-related financial risks into their governance and risk management processes. This will likely lead to enhanced awareness and preparedness among these entities regarding the impacts of climate change on their operations and financial health. The requirement for public reporting aims to inform investors and stakeholders about the climate risks faced by these corporations, potentially influencing investment decisions and corporate strategies across the state.
Sentiment
The sentiment surrounding Bill A07195 appears to be generally supportive, particularly among environmental advocacy groups and those concerned about climate change. However, there may be concerns from some business sectors regarding the compliance burden and the potential financial implications of the required disclosures. The discussions indicate a recognition of the importance of addressing climate risks but also highlight apprehensions about the feasibility of implementing such requirements.
Contention
Notable points of contention include the potential financial burden on corporations required to comply with the new reporting standards, particularly for smaller entities that may not have the resources to conduct comprehensive climate risk assessments. Some business representatives may argue that the bill could lead to increased operational costs and regulatory complexity, while proponents argue that the long-term benefits of risk mitigation and transparency outweigh these concerns.
Same As
Requires certain corporations authorized to operate in the state and subject to the supervision of the department of financial services that had annual gross revenues of at least five hundred million dollars ($500,000,000) in the prior calendar year to annually prepare a climate-related financial risk report for submission to the secretary of state and to make such report available to the public.
Requires certain corporations authorized to operate in the state and subject to the supervision of the department of financial services that had annual gross revenues of at least five hundred million dollars ($500,000,000) in the prior calendar year to annually prepare a climate-related financial risk report for submission to the secretary of state and to make such report available to the public.
Requires reporting of climate-related financial risk by certain entities; defines climate-related financial risk to mean material harm to financial outcomes of the entity due to physical and transition risks.
Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of financial services; provides that all such statements shall be made available to the public.
Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of financial services; provides all such statements shall be made available to the public.
Requires covered lenders to report to the department of financial services certain information on covered loans; requires the superintendent of financial services to collect and maintain such data and to annually publish a report containing aggregated information regarding covered loans; requires the superintendent of financial services to promulgate rules and regulations to implement such provisions.
Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of financial services; provides that all such statements shall be made available to the public.
Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of financial services; provides that all such statements shall be made available to the public.
Requires covered businesses to annually report to the department of labor regarding the impact of artificial intelligence on hiring and the nature of artificial intelligence use for the previous year; requires the department of labor to file an annual report on the impact of artificial intelligence on hiring and the nature of artificial intelligence use in the state; establishes penalties for covered business that fail to submit such reports.