Insurance Commissioner Ricardo Lara unveiled a plan to shore up the California insurance market for homeowners, in which insurers would return to wildfire zones, but would have an easier path to rate increases.
The bills require 5,300 companies that do business in California and have revenues exceeding $1 billion to disclose greenhouse gas emissions and financial risks from climate change
Corporate reports would reveal top polluters and climate-related financial risks. But companies warn about faulty data and a “gold-plated exercise” if the two bills become law.
State legislators last week killed dozens of bills, including some controversial proposals on health care costs, social media regulation, pay transparency, climate change and much, more more.
The State Water Resources Control Board and the Santa Clara Valley Water District adopted tough restrictions on water use, as California grapples with a new normal climate that’s drier and hotter.