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illuminem summarises for you the essential news of the day. Read the full piece on Forbes or enjoy below:
🗞️ Driving the news: New York has failed to pass climate-related corporate reporting legislation during its 2025 legislative session
• Despite a Democratic supermajority and early momentum, two proposed bills — mirroring California’s mandates on GHG disclosures — stalled in committee and were never brought to a vote, effectively halting progress on statewide ESG regulation until at least 2026
🔭 The context: After the SEC reversed its climate risk reporting rule under the Trump administration, advocacy shifted to Democrat-led states
• California set a precedent in 2023 with its comprehensive disclosure laws, prompting hopes that states like New York would follow
• However, this failure highlights the mounting resistance — even within progressive legislatures — to further ESG mandates.
🌍 Why it matters for the planet: Mandatory climate disclosures are a key tool for corporate accountability on emissions
• Delays in adopting such standards mean reduced transparency and slower progress toward climate goals, particularly in financial hubs like New York where global capital flows intersect with emissions-intensive sectors
⏭️ What's next: With the legislative session in recess, the bills cannot proceed this year unless an extraordinary session is convened— an unlikely scenario
• The setback reflects growing bipartisan skepticism toward ESG mandates and could chill momentum in other states
• Attention now shifts to California’s implementation and whether it can maintain leadership in the absence of broader state or federal alignment
💬 One quote: “That climate reporting bills failed to make it out of committee is significant,” notes the article, underscoring the political inertia even in Democrat-controlled legislatures
📈 One stat: New York’s State Senate holds a 41-to-22 Democratic supermajority — yet the climate bills failed to advance beyond committee review
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