New Zealand is set to become the first country to force financial institutions to report investors’ impact on the climate – making reporting mandatory for banks and insurance companies. NZ Commerce Minister David Clark told Sky News that 200 companies will be directly impacted by the changes “to report their climate risks and opportunities in clear, comparable and consistent ways”.
He said it was part of the nation’s “contribution recognizing the climate emergency as a country that signed up to the Paris Accord”. “We want to make structural changes that will make a real difference for this generation and for generations to come. The minister said the aim was to ensure “capital is supporting good enterprises that make the world a safer place into the future and make for an opportunity to achieve the 1.5-degree maximum temperature rise that all countries that signed the Paris Accord signed up to”. We’re the first but I know others will follow very quickly behind,” Mr Clark said.