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Florida's new law mandates flood history disclosure for homebuyers
Florida's new law requires home sellers to disclose flood history to buyers, aiming to mitigate risks in vulnerable areas.
In short:
- The law mandates that sellers provide flood history information, including past insurance claims and federal aid, before a sales contract is executed.
- Florida was one of 18 states without a flood disclosure requirement, despite being highly susceptible to flooding due to climate change.
- While the law is a step forward, it has loopholes and does not require disclosure if no insurance claim was filed or if the property is in a flood zone.
Key quote:
“Having the information will help buyers make more informed and better decisions about protecting what is likely to be their single biggest asset, their homes.”
— Rachel Cleetus, policy director of the Union for Concerned Scientists
Why this matters:
Disclosing flood history helps protect buyers and could prompt better planning decisions in flood-prone areas. However, gaps in the law may leave some risks unaddressed, highlighting the need for more comprehensive measures.
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A look at the S.E.C.'s modified climate disclosure rules
The Securities and Exchange Commission has scaled back its initial climate disclosure requirements for public companies, bowing to opposition from various sectors.
Hiroko Tabuchi, Ephrat Livni, and David Gelles report for The New York Times.
In short:
- The revised rules demand less from companies regarding emissions reporting and climate risk disclosure than originally proposed.
- Large firms must now report only emissions deemed "material" to their operations, with many small businesses exempt.
- Significant climate-related risk disclosure remains mandatory, despite other softened requirements.
Key quote:
“Thanks to corporate lobbying, disclosure of the very real financial risks from climate change has fallen victim to the culture wars.”
— Allison Herren Lee, former acting chair and commissioner at the S.E.C.
Why this matters:
This development speaks to the ongoing tug-of-war between regulatory efforts to enhance climate transparency and the resistance from various industry sectors. It highlights the challenges of aligning business practices with environmental stewardship in the face of climate change, an issue that resonates deeply with investors, consumers, and policymakers alike.
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SEC revises climate disclosure regulation amid corporate resistance
The SEC has adjusted its climate disclosure requirements, easing mandates on emissions reporting following corporate objections.
In short:
- The SEC will not enforce the reporting of certain indirect emissions known as Scope 3, which occur in a company’s supply chain or through consumer product use.
- The modified rule also scales back on the reporting of direct emissions (Scope 1) and indirect emissions from energy production (Scope 2), leaving it to companies to decide if such information is vital for investors.
- The regulation impacts a broad range of U.S. and foreign companies, eliciting over 16,000 comments from diverse stakeholders during the proposal stage.
Key quote:
“All public companies need to digest the final rules. Based on how the rules are set up, there isn’t a one-size-fits-all approach.”
— Michael Littenberg, attorney at Ropes & Gray
Why this matters:
This regulatory shift is pivotal for health outcomes as it affects how environmental risks are communicated to the public, influencing the decisions of healthcare professionals, scientists and policymakers. It underscores the tension between corporate interests and the need for transparency in environmental impact on a national scale.
As states and corporations increasingly head to court over climate change, a lawyer lays out an ethical roadmap to give the environment a louder legal voice.
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