New Zealand introduces climate change law for financial firms in world first
New Zealand has become the first country to introduce a law that will require banks, insurers and investment managers to report the impacts of climate change on their business, minister for climate change James Shaw said on Tuesday.
All banks with total assets of more than NZ$1 billion ($703 million), insurers with more than NZ$1 billion in total assets under management, and all equity and debt issuers listed on the country's stock exchange will have to make disclosures.
Around 200 of the country's biggest companies and several foreign firms that meet the NZ$1 billion threshold will come under the legislation.
Disclosures will be required for financial years beginning next year once the law is passed, meaning that the first reports will be made by companies in 2023.