New Zealand passes mandatory climate change reporting law

An Insurance Business Magazine article.

Parliament has passed a law requiring insurers, banks and investment managers to report on the impacts of climate change on their businesses, becoming the first country in the world to have a climate-related disclosure law in place.

The Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill received royal assent last week, and will require financial institutions to disclose information about their climate risks. It will apply to around 200 organisations in New Zealand which the government considers to have “a higher level of public accountability”.

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