NZ Makes ‘Climate Risk Disclosure’ Mandatory for Big Business

Publicly listed companies, insurers, banks, non-bank deposit takers, and investment managers in New Zealand will now have to make their climate-related disclosures public after the government made reporting mandatory. Currently, around 40 percent of NZX-listed companies have climate-related risks reported in their year-end company financial statements. The changes will impact around 200 organisations. According to the Ministry for the Environment’s website, the legislation was introduced as part of New Zealand’s journey towards a low-carbon future and for businesses to have a good understanding of how climate change will impact them, both in terms of risks and opportunities. The legislation was brought in by the previous government in 2021, where then-Climate Change Minister James Shaw said affected companies would have to comply or explain why they were not reporting on climate risk....