Bill > S05132

This bill requires certain large corporations in New York, defined as those with annual gross revenues of at least $500 million and subject to the state's financial services department, to annually prepare and disclose a climate-related financial risk report. The legislation aims to help businesses identify and manage potential financial risks associated with climate change, such as impacts on operations, supply chains, investments, and market conditions. Specifically, covered entities must integrate climate change risks into their risk management processes, with banking institutions required to designate board members or senior management to assess these risks, and non-depository entities conducting comprehensive risk assessments of both direct and indirect climate-related challenges. By December 31, 2026, and annually thereafter, these corporations must submit a report to the secretary of state that details their climate-related financial risks using the Task Force on Climate-Related Financial Disclosures framework, and outline their strategies for reducing and adapting to these risks. The reports must be made publicly available on the company's website and will also be published on the department of financial services' website. The bill is part of New York's broader efforts to address climate change and encourage businesses to proactively manage environmental and economic risks.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S5132