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 S05132 mandates that certain corporations operating in New York, specifically those with annual gross revenues exceeding $500 million, prepare and submit an annual climate-related financial risk report. This report must disclose the corporation's exposure to climate-related financial risks and the measures taken to mitigate these risks. The bill aims to enhance transparency and accountability among large corporations regarding their climate impact and risk management strategies, aligning with New York's broader climate goals and initiatives.
Impact
The bill will amend the financial services law in New York, establishing a new requirement for covered entities to assess and disclose climate-related financial risks. This will likely lead to increased scrutiny of corporate practices related to climate change and may influence investment decisions, corporate governance, and risk management strategies within the state. The public availability of these reports is expected to foster greater corporate responsibility and inform stakeholders about potential climate-related vulnerabilities.
Sentiment
The sentiment surrounding Bill S05132 appears to be generally positive among proponents who view it as a necessary step towards corporate accountability in the face of climate change. Supporters argue that it aligns with New York's leadership in climate policy. However, there is some opposition from entities concerned about the regulatory burden and compliance costs associated with the new reporting requirements, as indicated by the mixed voting outcomes in committee.
Contention
Notable points of contention include concerns from some business groups about the potential financial and administrative burdens imposed by the reporting requirements. Critics argue that the bill may disproportionately affect smaller corporations that fall under the revenue threshold but still face challenges in compliance. Proponents, on the other hand, emphasize the importance of transparency and the long-term benefits of mitigating climate risks for both businesses and the state economy.
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.