New Zealand has introduced a new law that will require all financial institutions to report the impacts of climate change on their businesses. Companies within the financial sector, like banks and insurers, must give a detailed report of climate change impacts on their businesses as well as information on how they handle climate-related risks and opportunities. New Zealand’s Commerce and Consumer Affairs Minister David Clark said in a statement that all sectors of the country must participate in addressing climate change. “It is important that every part of New Zealand’s economy is helping us cut emissions and transition to a low carbon future,” Clark said. “This legislation ensures that financial organisations disclose and ultimately take action against climate-related risks and opportunities.” The legislation now makes New Zealand the first country in the world to introduce a bill requiring financial institutions to account for climate change in their reports. The law will target banks and insurance firms with assets or assets under management exceeding $703 million USD. Further, all equity and debt issuers listed on New Zealand’s stock exchange will also be required to submit the same report. Climate Change Minister James Shaw said that it is not possible to […]

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.