SYDNEY: 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 .
"This law will bring climate risks and resilience into the heart of financial and business decision making." Around 200 of the country's biggest companies and several foreign firms that meet the NZ$1 billion threshold will come under the legislation.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.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.
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