Bill > S679

This bill, known as the "Climate Corporate Data Accountability Act," mandates that certain large business entities operating in New Jersey, specifically those with over $1 billion in annual revenue, must publicly disclose their annual greenhouse gas emissions data. This includes "scope 1 emissions," which are direct emissions from sources owned or controlled by the company (like fuel combustion), and "scope 2 emissions," which are indirect emissions from purchased electricity, steam, heating, or cooling. Initially, companies will report these emissions, and starting four years after the bill's effective date, this data must be verified by an independent third-party "assurance provider" and publicly disclosed in an easily understandable format. The bill also establishes definitions for key terms like "reporting entity" and "assurance engagement," outlines penalties for non-compliance, and requires the Department of Environmental Protection to contract with an "emissions reporting organization" to create a public platform for this data, aiming to increase transparency for investors and consumers and encourage companies to manage climate risks and move towards a net-zero carbon economy.