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New Zealand passes climate change disclosure laws for financial firms in world first
(Reuters, 21 Oct 2021) The new laws will require financial firms in New Zealand to explain how they would manage climate-related risks and opportunities.
New Zealand has become the first country to pass laws requiring banks, insurers and investment managers to report the impacts of climate change on their business, officials said on Thursday.
About 200 of the largest financial firms in New Zealand, including banks with total assets of more than NZ$1 billion ($718.90 million), large insurers and equity and debt issuers listed on the country's stock exchange will have to make disclosures.
Several foreign firms that meet the NZ$1 billion threshold -- including Australia's four largest banks: Commonwealth Bank of Australia, Australia and New Zealand Banking Group , Westpac Corp and National Australia Bank -- will also come under the legislation.
"New Zealand is a world-leader in this area and ... we have an opportunity to pave the way for other countries to make climate-related disclosures mandatory," minister for climate change James Shaw said in a statement.
Reuters, 21 Oct 2021: New Zealand passes climate change disclosure laws for financial firms in world first
