S9072A

The New York State Senate passed legislation requiring large corporations to disclose their greenhouse gas emissions, advancing a climate transparency measure that mirrors similar rules in California and the European Union. Senate Print 9072A, sponsored by Sen. Harckham, passed 40-22 on a roll call vote Tuesday evening. The bill mandates that companies with more than $1 billion in net worldwide sales and at least $1 million in direct revenue in New York report Scope 1, 2, and 3 emissions to the Department of Environmental Conservation. Harckham argued the measure protects New York consumers and institutional investors by ensuring transparency about corporate environmental practices, preventing what he called "greenwashing." He noted that many multinational corporations already comply with similar EU requirements and that average compliance costs of $237,000 are manageable for large companies. The bill imposes civil penalties up to $100,000 per day and $500,000 per filing year for violations, with Scope 3 penalties delayed until 2032. Opponents, led by Sen. Murray, contended the bill improperly regulates interstate commerce by penalizing companies for emissions outside New York, including operations in other states and countries. Sen. Martins raised concerns about potential job losses and sought clarification on how revenue thresholds apply to different business models. The bill takes effect 180 days after becoming law.