{"id":120925,"date":"2021-04-13T04:55:25","date_gmt":"2021-04-13T04:55:25","guid":{"rendered":"https:\/\/precoinnews.com\/?p=120925"},"modified":"2021-04-13T04:55:25","modified_gmt":"2021-04-13T04:55:25","slug":"new-zealand-introduces-climate-change-law-for-financial-firms-in-world-first","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/new-zealand-introduces-climate-change-law-for-financial-firms-in-world-first\/","title":{"rendered":"New Zealand introduces climate change law for financial firms in world first"},"content":{"rendered":"<ul>\n<li>New Zealand has become the first country to introduce a law that will require banks, insurers and investment managers to report the impacts of climate change on their business, minister for climate change James Shaw said on Tuesday.<\/li>\n<li>All banks with total assets of more than 1 billion New Zealand dollars ($700 million), insurers with more than NZ$1 billion in total assets under management, and all equity and debt issuers listed on the country&#x27;s stock exchange will have to make disclosures.<\/li>\n<li>Around 200 of the country&#x27;s biggest companies and several foreign firms that meet the NZ$1 billion threshold will come under the legislation.<\/li>\n<\/ul>\n<p>New Zealand has become the first country to introduce a law that will require banks, insurers and investment managers to report the impacts of climate change on their business, minister for climate change James Shaw said on Tuesday.<\/p>\n<p>All banks with total assets of more than 1 billion New Zealand dollars ($700 million), insurers with more than NZ$1 billion in total assets under management, and all equity and debt issuers listed on the country&#x27;s stock exchange will have to make disclosures.<\/p>\n<p>&quot;We simply cannot get to net-zero carbon emissions by 2050 unless the financial sector knows what impact their investments are having on the climate,&quot; Shaw said in a statement.<\/p>\n<p>&quot;This law will bring climate risks and resilience into the heart of financial and business decision making.&quot; The Bill, which has been introduced to the country&#x27;s Parliament and is expected to receive its first reading this week, requires financial firms to explain how they would manage climate-related risks and opportunities.<\/p>\n<p>Around 200 of the country&#x27;s biggest companies and several foreign firms that meet the NZ$1 billion threshold will come under the legislation.<\/p>\n<p>Disclosures will be required for financial years beginning next year once the law is passed, meaning that the first reports will be made by companies in 2023.<\/p>\n<p>The New Zealand government last September said it would make the financial sector report on climate risks and those unable to disclose would have to explain their reasons.<\/p>\n<p>The New Zealand government has introduced several policies to lower emissions during its second term including promising to make its pubic sector carbon-neutral by 2025 and buy only zero-emissions public transport buses from the middle of this decade.<\/p>\n<p>Prime Minister Jacinda Ardern, who returned to power last October delivering the biggest election victory for her center-left Labour Party in half a century, had called climate change the &quot;nuclear-free moment of our generation.&quot;<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/04\/13\/new-zealand-introduces-climate-change-law-for-financial-firms-in-world-first.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Zealand has become the first country<\/p>\n","protected":false},"author":3,"featured_media":120924,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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