An Insurance Business Magazine article.
New Zealand will be the first country in the world to require the financial sector to report on climate risks, according to an announcement by Minister for Climate Change James Shaw.
The new regime, which will come into effect in 2023 at the earliest, will be on a comply-or-explain basis. This is based on the Task Force on Climate-related Financial Disclosures (TCFD) framework, which, according to the New Zealand Government, is widely acknowledged as international best practice.
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