New York A 7688: Establishes the "climate safe & responsible bank procurement act"

Bill Text

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A07688 Summary:

BILL NOA07688 

&nbsp

SAME ASSAME AS S01993

&nbsp

SPONSORBurdick

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§2 & 161, add §65-a, St Fin L

&nbsp

Establishes the "climate safe and responsible bank procurement act", which creates standards for the purchasing of bank services.

Go to top A07688 Actions:

BILL NOA07688 

&nbsp

04/04/2025referred to banks

01/07/2026referred to banks

Go to topA07688 Committee&nbspVotes:

Go to topA07688 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07688 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7688

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 4, 2025
 ___________

 Introduced by M. of A. BURDICK -- read once and referred to the Commit-
 tee on Banks

 AN ACT to amend the state finance law, in relation to establishing the
 "climate safe and responsible bank procurement act"

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "climate safe and responsible bank procurement act".
 3 § 2. Legislative findings. 1. The legislature affirms the goals of the
 4 New York Climate Leadership and Community Protection Act, which commits
 5 New York to achieving an 85% reduction from 1990 greenhouse gas emis-
 6 sions level by 2050, and to 100% emissions free electricity by 2040.
 7 2. New York's state climate impact assessment has concluded that many
 8 fundamental aspects of New York State's climate have already begun to
 9 change, and the changes are projected to continue--and in some cases,
 10 accelerate--throughout the 21st century, that climate change is creating
 11 conditions that will increase the frequency and severity of many types
 12 of extreme events, and that unless the world takes serious action to
 13 reduce greenhouse gas emissions and control future warming, unmitigated
 14 emissions could have severe adverse consequences.
 15 3. The Financial Stability Oversight Council has concluded that
 16 climate change presents an emerging and increasing threat to financial
 17 stability.
 18 4. The Board of Governors of the Federal Reserve System, the Federal
 19 Deposit Insurance Corporation, and the Office of the Comptroller of the
 20 Currency have produced guidance for the financial institutions that they
 21 regulate to focus on key aspects of climate-related financial risk
 22 management.
 23 5. The International Energy Agency has released an energy roadmap for
 24 how governments around the world can achieve the goals enunciated in the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01163-01-5

 A. 7688 2

 1 2015 Paris Accords, and concluded that there is no need for investment
 2 in new fossil fuel supply in our net zero pathway.
 3 6. The New York State Department of Financial Services has issued
 4 guidance that regulated institutions start integrating both financial
 5 and operational risks from climate change into their governance frame-
 6 works, risk management processes, and business strategies, and start
 7 developing their approach to climate-related financial risk disclosure.
 8 § 3. Section 2 of the state finance law is amended by adding five new
 9 subdivisions 23, 24, 25, 26 and 27 to read as follows:
 10 23. "Clean energy supply financing ratio" is the total financing
 11 through equity and debt underwriting, and project finance in low carbon
 12 energy supply relative to that in fossil fuel energy supply and includes
 13 methodology for ratio, including what is classified as low carbon or
 14 fossil fuel.
 15 24. "Coal project" means a project designed to use coal for the
 16 purpose of electric power generation or to produce thermal coal.
 17 25. "Fossil fuel project" or "Fossil fuel infrastructure" means a
 18 project designed to produce and transport fossil fuels. This includes
 19 projects that would support exploring new oil and gas fields or other-
 20 wise expanding oil and gas reserves.
 21 26. "New fossil fuel project" or "New fossil fuel infrastructure"
 22 means a project designed to facilitate the production and transportation
 23 of fossil fuels in excess of what is i