On January 3, 2024, New York State Assembly Bill A4123A entered the committee stage, marking an important step on its legislative journey.
Overview of Assembly Bill A4123A
Assembly Bill A4123A, the “Climate Corporate Accountability Act,” proposes requiring public disclosure of greenhouse gas (GHG) emissions and their independent verification by a licensed third-party auditor. Similar to California’s Climate Accountability Package, which was passed in October 2023, the Climate Corporate Accountability Act would apply to companies with more than $1 billion in annual revenue operating in New York State and would cover Scope 1, 2 and 3 emissions.
What this means for your business
Bill A4123A is part of an ongoing trend toward greater scrutiny and regulation in the domain of corporate sustainability. Businesses operating in New York State, or with significant connections to the state, should be watching this legislative process. Should the Climate Corporate Accountability Act pass, businesses such as yours may be forced to implement measures for reporting and verifying emissions.
As your dedicated advisors, Mazars will continue monitoring the legislative process to keep you abreast of any new developments. Our ESG Practice is committed to providing the latest guidance, assisting your business in adapting to any shifts in the regulatory landscape and helping you stay ahead of any emergent ESG trends.
For further analysis of how this legislation may impact your business, contact us. We thank you for trusting us with your ESG needs and look forward to being by your side through these ongoing shifts in the US economic and regulatory landscape.
The information provided here is for general guidance only, and does not constitute the provision of tax advice, accounting services, investment advice, legal advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal or other competent advisers.