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New Zealand introduces climate change legislation for financial companies



(Reuters) – New Zealand has become the first country to introduce a law requiring banks, insurance companies and investment managers to report the impact of climate change on their operations, Climate Change Minister James Shaw said on Tuesday. [19659002] All banks with a total asset of more than $ 1 billion ($ 703 million), insurance companies with more than $ 1 billion in plan assets and all equity and debt issuers listed on the country's stock exchange will need to provide information. [19659002] "We simply cannot reach zero carbon emissions by 2050 unless the financial sector knows the impact of their investments on the climate," Shaw said in a statement.

“This law will entail climate risks and resilience.

The bill, which has been introduced for the country's parliament and is expected to receive its first reading this week, requires financial companies to explain how they would address climate-related risks and opportunities.

About 200 of the country's largest companies and several foreign companies that meet the $ 1

billion threshold will be covered by the legislation.

Information will be required for fiscal years beginning next year when the law is adopted, which means that the first reports will be made by companies in 2023.

The New Zealand government said in September last year that it would make the financial sector report on climate risks and those who can not reveal must explain their reasons. [19659002] The New Zealand government has introduced several policy areas to reduce emissions during its second term, including promising to make its public sector carbon neutral by 2025 and only buy zero-emission public transport buses from the middle of this decade. Jacinda Ardern, who returned to power in October last year and delivered the biggest election victory for her center-left Labor Party in half a century, had called climate c hang "the nuclear-free moment of our generation." Catalog

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