XBRL US expressed our support for Senate Bill 3456, Climate Corporate Data Accountability, legislation introduced early this year, in a letter submitted to the bill's sponsor, New York State Senator Brad Hoylman-Sigal.
Our letter noted, "While many businesses have been voluntarily reporting GHG emissions and other climate information to investors for years, regulatory mandates raise awareness among senior level executives about the importance of climate impact. When data is produced in structured format and aligns with requirements from other state, national, and international mandates as specified in S3456, reporting burden is minimized and investors, regulators, employees and customers have access to information that can more easily compare businesses and track trends over time. This instigates a feedback loop to businesses from their constituents, driving further change to lessen climate impact."
On April 2, 2025, S3456 passed out of the Senate Environmental Conservation Committee and was referred to the Finance Committee which suggests that the bill has a good chance of moving through the Senate this year. Similar, but not identical, legislation has been introduced in New Jersey and Illinois.
Read the letter: XBRL US Supports NY Senate Bill S3456
