Climate change bill goals and implementation strategies

UPDATE- 6/13/25 The New York legislative session has ended and the climate bills did not pass. They will have to be reintroduced in a future session (as was the case with the California laws). New York is poised to join California in adopting climate disclosure laws. New York has reintroduced two major climate disclosure bills in 2025: Senate Bill 3456 (the Climate Corporate Data Accountability Act) and Senate Bill 3697 (the Climate-Related Financial Risk Reporting Bill). The bills closely follow California's laws SB 253 and SB 261. Climate Corporate Data Accountability Act (CCDAA) - Scope and Applicability: Requires public and private companies with annual revenues exceeding $1 billion and operating in New York to annually disclose their Scopes 1, 2, and 3 greenhouse gas emissions. Reporting Standards: Disclosures must align with the Greenhouse Gas Protocol. Assurance: Emissions data must be verified by independent third parties, with phased assurance requirements increasing over time. Timeline: 2027: Disclosure of Scope 1 and 2 emissions (using 2026 data). 2028: Scope 3 emissions (using 2027 data). The New York Department of Environmental Conservation will oversee implementation. Penalties for non-compliance up to $100,000 per day, capped at $500,000 per reporting year. Legislative Status: The bill passed the Senate Environmental Conservation Committee unanimously and is now pending in the Senate Finance Committee. A companion bill (A4282) is moving through the Assembly. Climate-Related Financial Risk Reporting Bill - Scope:  Applies to business entities formed under U.S. law with annual revenues over $500 million that do business in New York. Requirements:  Reporting companies must publish biennial reports on climate-related financial risks, following the Task Force on Climate-related Financial Disclosures framework or an equivalent standard such as the ISSB standards. Enforcement:  Penalties for non-disclosure or inadequate disclosure of up to $50,000 per reporting year. Implementation Timeline:  First reports would be due by January 1, 2028, and biennially thereafter. Legislative Status: Passed unanimously out of the Environmental Conservation Committee in May and was reported and committed to the Senate Finance Committee. #NewYork #Climatereporting #GHGEmissions

"With the passage of the Inflation Reduction Act (IRA) in 2022—legislation often touted as the most significant investment in climate action and clean energy in American history—the U.S. Environmental Protection Agency (EPA) created the $5 billion Climate Pollution Reduction Grants program, offering unprecedented levels of federal funding for climate planning and implementation. In the first phase of the program, the EPA distributed $250 million in planning grants to states, cities, Metropolitan Statistical Areas (MSAs), Tribes and U.S. Territories for the development of a Priority Climate Action Plan. The plans outlined each jurisdiction’s greenhouse gas emissions reduction strategies, and were due in spring 2024. The EPA received submissions from 45 states, 82 cities and MSAs, 81 Tribes and Tribal consortia, and four territories. For many jurisdictions, this was their first-ever climate planning effort. In phase two, jurisdictions will submit a Comprehensive Climate Action Plan to the EPA by mid-2025." https://lnkd.in/gExXpurA

The UAE has issued Federal Decree-Law No. (11) of 2024 on the Reduction of Climate Change Effects, which is a significant step towards aligning the country with global efforts to reduce climate impacts. This legislation lays the foundation for a more sustainable future by addressing emissions reduction, adaptation, and innovation. National and local plans, including those within free zones, will be harmonised across the country to ensure unified climate action. Here are the main takeaways from the new law. 1️⃣ Emissions Reduction: Companies are required to actively contribute to achieving climate neutrality through a variety of measures, such as improving energy efficiency, using clean energy, and implementing carbon capture and storage technologies. 2️⃣ Measurement, Reporting, and Verification (MRV): Companies must regularly measure their emissions, keep detailed records, and submit reports on their mitigation efforts. An electronic system will be introduced to streamline reporting, ensuring transparency and accountability. 3️⃣ Adaptation Plans: Critical sectors like infrastructure, energy, health, and insurance must develop robust climate risk adaptation strategies, including the implementation of early warning systems to mitigate potential impacts. 4️⃣ Annual Reduction Targets: The law stipulates that authorities will set annual emissions reduction targets for each sector. These targets will align with national economic development priorities, ensuring each sector contributes to the country’s climate neutrality pathway. 5️⃣ Support for Innovation and Research: The law prioritises innovation, research, and development in climate mitigation and adaptation technologies. To support these efforts, companies are encouraged to adopt new solutions and engage in public-private partnerships. 6️⃣ Incentives for Emissions Reduction: To further encourage action, the law offers incentives for organisations that adopt advanced technologies, participate in carbon offsetting projects, and engage in emissions trading. 7️⃣ Penalties for Non-Compliance: Companies failing to comply with the law face substantial fines, with repeat violations incurring increased penalties. 🗓️ The law will officially come into effect on 30 May 2025. For more information and to view the full provisions, access the official document here: https://lnkd.in/dkdRsbSr. #sustainability #esg #climatechange #climateaction

A new chapter in India's environmental strategy begins with The Union Budget for FY 2025-26! Analyzing the Union Budget for FY26, I'm struck by its strategic momentum towards comprehensive climate action. Here are the three biggest (Budgetary) moves shaping India’s green future … 1️⃣ Clean tech manufacturing. ↳ Import duties on key materials, such as cobalt powder and lithium-ion battery scrap, have been removed. ↳ Major push for solar PV cells and grid-scale batteries under the National Manufacturing Mission. ↳ This signals a serious investment in green manufacturing, EV adoption, and energy storage solutions. 2️⃣ Nuclear energy expansion. ↳ ₹20,000 crore allocated for Small Modular Reactors (SMRs). ↳ Goal: 100 GW by 2047, 5 indigenous reactors by 2033. ↳ The private sector is finally allowed to step in. ↳ This will fundamentally shift our clean energy landscape. 3️⃣ Forest & wildlife conservation. ↳ 22% increase in forestry funding. ↳ Project Tiger gets ₹290 crore, Green India Mission gets ₹220 crore. ↳ This demonstrates a sustained commitment to ecological preservation. The Ministry of Environment, Forest, and Climate Change has received an allocation of ₹3,412.82 crore, this marks a 9% increase. Areas to bolster in the next edit ... ➞ While the Pradhan Mantri Dhan-Dhaanya Krishi Yojana targets 100 climate-vulnerable districts, the overall focus on climate adaptation may need to continue to expand. ➞ The reduced allocation for pollution control (from ₹858 to ₹853.90 crore) may pose a challenge. This budget continues to move India from isolated initiatives to an integrated climate action plan. The key now lies in effective implementation and gap addressal. What are your thoughts on these strategic climate initiatives? #UnionBudget2025 #ClimateAction #Sustainability